Are you ready to combine finances with your partner? Brits wait over five years on average
Brits wait an average of five-and-a-half years before combining finances with their partner, according to Marcus by Goldman Sachs.
Thu, 02/13/2020 – 09:32
The bank’s research found that while couples typically wait five-and-a-half years to combine finances, almost one in 10 (8%) married couples said they waited 25 years or more before opening a joint account with their spouse.
The reasons given for combining finances were overwhelmingly practical. Just under half (49%) of those with a joint account did so to make sharing expenses easier, while 23% had joint ambitions to buy a house.
Goldman Sachs commissioned the research to mark its savings account, Marcus, now being available as a joint account.
More than one in 10 (13%) people without a joint account cited their partner being “bad with money” as a reason why, while 29% said they wanted to maintain their financial independence.
Despite having committed to their partner for life, 18% of married couples said opening a joint account felt like “too much of a commitment”.
Marcus found that younger couples aged between 18 and 24 are the most likely to be saving for a house deposit with their partner (43%), while 25 to 34-year-olds were the most likely age group to be saving to start a family (11%).
Despite having ambitious savings goals together, 27% of those in a relationship also have one or more “secret” savings accounts separate to their partner. Men are more likely than women to keep their savings from their partner (32% vs 22%).
Nearly one in 10 (9%) men said they were saving money to propose, and a further 15% were putting money aside to buy their partner a gift.
Sam Owen, relationship coach and psychologist, says: “Saving together can help you achieve your financial goals faster, but given our finances are intricately linked with our survival, getting to the stage where you feel comfortable and safe enough to pool your money with your loved one is a big step in any relationship. The research from Marcus by Goldman Sachs showed that more than a third of couples (39%) argue about money, so it’s important to have an open and honest conversation with your partner to make sure you are on the same page from the start.”