Couples Share Lives But Not Bank Accounts
While less than half of British couples share current accounts, nearly a quarter admit to having a bank account that their partner doesn't know about. A recent study reveals how couples manage their day to day money.
Only life's key milestones such as marriage or moving in with a partner are triggers for UK couples to review their financial arrangements, Nationwide Building Society reveals.
The study also proves that there is a disparity between what people ‘say' and what they actually ‘do' in regards to finance.
Couples surveyed assure that honesty (43%) and trust (32%) are the most important factors they expect from a relationship. Surprisingly enough, however, over half (53%) do not pay their salaries into a joint bank account and nearly a quarter (22%) have accounts that their partners do not know about.
Accounts “before and after”
Getting married (44%) or moving in with a partner (32%) were the main reasons given by the couples surveyed for reviewing their current account arrangements.
Only around 10% of those surveyed said they had changed their current account recently, with nearly half (41%) saying they had never changed their current account. According to 88% of people, this is because they set it up years ago and have either never thought to change it or say they're still happy with it.
"It may seem surprising that, in this day and age, most couples are not pooling resources in a joint current account and appear to be keeping accounts secret from one another. This could be a deliberate attempt to hide their financial affairs from their partners, or more likely, symptomatic of a lack of financial organisation," said John Crossley, head of current accounts at Nationwide.
Despite 64% of the couples’ surveyed saying they don't expect additional services or products for free when they take out a financial product; many banks do offer interesting offers for couples.
It might be worth checking and comparing what your options are regarding bank accounts, credit cards or prepaid cards to make sure that you and your partner are not missing out on money saving extras.