Having a strong personal finance plan is important, and many couples may need to do extra work in order to be on the same page. However, some individuals may not be working together enough in order to keep their finances together.
Approximately 42 percent of partners have joint bank accounts, but also have their own personal accounts, according to a report from TD Bank. Nearly 40 percent noted that they have separate accounts in order to have some aspect of financial independence. When splitting this between genders, 43 percent of women did this for independence, while 34 percent of men reported this, as well.
“When merging finances, it’s a good idea stop by your local bank and have a conversation about what account options are the best fit for you and your partner’s specific needs,” said Lindsay Sacknoff, senior vice president and head of retail deposit products at TD Bank. “Maintaining multiple accounts may offer better interest rates and combining incomes in a joint account could mean access to premium benefits like reimbursement for out of network ATM costs.”
One-fifth of those polled explained that they had a separate account due to their need for their own personal spending and emergency savings, the report showed. Another 16 percent responded similarly, saying that having a separate account allows for them to pay bills and budget more easily.
However, some couples may have more financial transparency in their relationship. The report explained that just 7 percent noted they had their own account due to privacy reasons.
Couples squabble over financial issues
Another measurement showed that couples are dealing with some financial difficulties, especially when discussing their financial future.
A total of 38 percent of partners noted that they do not agree on how they would need to live in order to reach retirement, according to a report from Fidelity Investments.
“The fact that many couples disagree about money isn’t surprising, but the realization so many don’t actually resolve their financial squabbles is cause for concern,” said Lauren Brouhard, senior vice president of retirement at Fidelity. “When it comes to making your relationship a financial affair to remember, even the closest of couples have opportunities to get more on the same page.”
Approximately 51 percent of couples noted that they get into arguments about finances on a regular basis, the report added. Just 38 percent felt that they come to amicable solutions when this occurs.