Joint bank accounts correlate with higher marital happiness among Americans (2024)
In a recent survey conducted by YouGov Surveys: Serviced, we explore the relationship between joint bank accounts and marital satisfaction among married couples.
According to the survey, a significant portion of married couples who share a joint bank account report a greater degree of happiness. Specifically, two in five Americans with joint bank accounts stated they were "extremely happy" in their marriage (39%), followed closely by a third who felt "very happy" (34%). Only a minor fraction expressed low levels of satisfaction, with 4% being "slightly happy" and a mere 2% saying they’re "not at all happy."
Contrastingly, among couples that don’t have joint accounts, marital happiness seems alot more balanced across the board. Almost three in ten (28%) report being "extremely happy," and 30% feel "very happy" in their marriage. Notably, the percentages of those slightly or not at all happy increased to 9% and 5%, respectively.
The reasons married couples opt for a joint account are predominantly practical. Three quarters cite "ease of managing household expenses" as their primary motivation (76%). Other notable reasons include "transparency in financial matters" (49%) and "building savings together" (45%). Interestingly, only a small number looked to external advice, with 8% following a financial advisor's recommendation and 10% influenced by family or friends.
On the flip side, couples maintaining separate accounts pointed to "easier management of personal debts/expenses" (54%) as the top reason for their choice. The desire for "independence in financial matters" and "different spending habits" were also significant factors, cited by 33% and 35% of Americans, respectively.
Our data suggests a notable correlation between joint bank accounts and greatermarital happiness. Couples with shared finances report greater satisfaction with their marriages, potentially due to the shared responsibility and transparency that joint accounts can foster. However, the decision to merge finances is deeply personal and influenced by various factors, including financial habits, independence, and advice from trusted sources.
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Methodology:YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on February 15-16, 2024, with a nationally representative sample of 1382 adults (aged 18+ years) in the US, using a questionnaire designed by YouGov. Data figures have been weighted by age, gender, education, and region to be representative of all adults in the US (18 years or older) and reflect the latest American census population estimates.
Key Findings. Respondents who used only joint bank accounts were also the most likely (60.3%) to say that they were “very satisfied” with their relationships. 55% of couple who use only joint bank accounts say they never fight about money, while only 39% of partners who have personal accounts can say the same thing.
The authors found that couples who had merged finances scored about 29% higher on the communal-norm adherence questions than couples with separate accounts. Couples with merged accounts also scored about 43% higher on the financial-alignment questions.
According to a recent report by Bankrate, 39% of couples who are married or living together completely combine their finances, while 38% have a mix of joint and separate accounts and 24% keep finances completely separate.
Having a separate bank account in marriage gives you a sense of financial independence, self-identity and empowerment. You make more than your spouse. I have friends who out-earn their husbands by a considerable margin and don't like the idea of splitting the difference, no matter how educated or progressive they are.
Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account.
Joint bank accounts are best for couples who've been together for a year or more and have shared expenses, but only if both people manage their finances responsibly. If your spending habits are similar to your partner's, you're more likely to benefit from joining funds.
Pros of shared accounts include a shared approach to money and better-informed couples. Cons of shared bank accounts include lack of privacy and shared consequences to financial decisions.
The main benefit of a joint bank account is that it makes your financial life easier. You can reduce the time, cost and hassle of paying bills by sharing household expenses such as mortgages, car payments, utilities and groceries.
Key takeaways. Keeping separate bank accounts after marriage could help you stay engaged with your money. Paying for shared expenses could mean using bill-splitting apps and extra planning for emergencies, but it's worth it for some couples.
There are a few ways to do it, and there's no one “right” answer. You could just split everything 50-50 and call it a day. But if your incomes aren't anywhere close to equal, one person may be putting entire paychecks toward shared bills, while the other has a lot of extra money to spend.
While some experts recommend you save at least one year's worth of your household income by the time you reach age 30, it doesn't hurt to save even more. When you are ready to retire, it's a good benchmark to strive for at least 9x to 11x your household income in savings.
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