In a surprising shift, more and more couples are opting out of shared bank accounts, and experts say this trend could be a positive development for relationship health. A recent CNBC survey found that 62% of couples now keep at least some of their money separate from their partner, a significant increase from previous years.
The Rise of Financial Independence
What this really means is that couples are embracing a new era of financial autonomy. Instead of fully merging their assets, many are opting to maintain a degree of independence and control over their own funds. As LendingTree's research shows, this approach can actually lead to fewer money-related fights and a stronger overall relationship.
"When we lose that financial independence, we all of a sudden get this dynamic of checks and balances versus equality," explains financial therapist Lindsay Bryan-Podvin. "We don't want our partner to turn into a pseudo-parent."
The Generational Divide
This shift is particularly pronounced among younger couples. Data from CNBC reveals that Gen Z adults, aged 18-27, are the most likely generation to keep their finances completely separate from their partner, at 38%. In contrast, baby boomers are the most likely to fully combine their finances, at 44%.
The bigger picture here is that financial independence has become a higher priority, especially for younger couples who have grown up in an era of economic uncertainty. Maintaining autonomy over one's own money can provide a crucial sense of security and control.
A Healthier Approach to Relationships
While joint accounts were once seen as a hallmark of a committed relationship, experts now view this shift towards financial independence as a potentially positive development. As LendingTree's survey found, couples who share at least one account report having 25% fewer money-related conflicts than those who keep everything separate.
"Sharing is caring when it comes to relationships and finances," the report concludes. But the key is finding the right balance - one that allows for both collaboration and individual autonomy. In the end, the healthiest approach may be to embrace a hybrid model, with some shared accounts alongside personal ones.