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Joint bank accounts lose appeal as money arguments rise

02 May 2008 / by Rebecca Sargent
Joint bank accounts are becoming a thing of the past, according to recent research from PayPal, which showed that 71 per cent of couples asked keep separate bank accounts from their partner.

The study revealed that more than half of participating couples simply want to keep their money separate from their partner. Independence is the motive for 17 per cent of couples, who say they refuse to take responsibility for their partner's spending.

According to experts, money can be a common cause of arguments and more than one in ten of the couples questioned stated that they go it alone when it comes to banking as a means of avoiding arguments over finances.

However, the study showed that having separate current accounts does not necessarily avoid conflict, as 15 per cent of couples asked confessed to arguing about money more than anything else.

Arguments arising as a result of money woes affect 39 per cent of couples at least once a week, according to the research and more than a quarter admitted to financial conflict at least once a month.

The study also showed that arguments about money and finances do not just affect those who are married. It showed that more than half of couples actually had their first argument about money when they were dating, compared with just 27 per cent who said they first argued over finances within wedlock.

PayPal UK spokesperson, Christina Hoole, said: "Our research suggests there is a growing trend emerging between partners and how they manage their finances, with people having separate bank accounts so they can keep control of their own finances.

"It also appears that arguments over money are most frequent after people have been in a relationship for a while, perhaps people wait until they feel settled with their partner before bringing up the sticky situation of finances." she said.

©Fair Investment Company Ltd