Just a third of couples share finances

01 March 2004
New research has discovered that just a third of couples have a joint account as their only current account.

Additionally, Alliance & Leicester found that a little more than a third (38 per cent) keep their options open holding a shared account with an individual one.

The research also discovered over a quarter (28 per cent) of couples keep their finances entirely apart.

In this group keeping independent is most important for women - with 81 per cent saying this was a reason for separate finances. Only 60 per cent of men cited this as a reason.

Men keep their money away from their partners to avoid arguments - with ten per cent more man than women citing this as a reason thier funds are separate.

Moreover 21 per cent of men fear their partner will dip into their money without them knowing if they were to hold funds jointly. Less than one in ten women fear this.

There are also large regional differences, with 65 per cent of couples in London and 57 per cent of those in the South West saying financial matters are a shared responsibility.

But in the East Midlands and West Midlands sharing responsibility drops to just 35per cent and 27 per cent respectively:

There was one thing the sexes agreed on - 78 per cent of couples go straight to a bank where at least one of them already has an account when setting up a joint account.

Ewan Edwards, head of current accounts at Alliance & Leicester, said it was "disappointing to find though that when couples do finally settle down and look for a joint account, the vast majority of them simply go to their existing bank."