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Keeping finances separate in marriage12/3/2023 ![]() ![]() It’s a similar story for cohabiting couples who rent their homes. Half of cohabiting couples with mortgages in their 20s (49%) said it would have been ‘slightly more difficult’ or ‘much more difficult’ to buy without pooling their money, but 28% said it would have been completely impossible.Įven among couples over the age of 40, many of whom got onto the property ladder when house prices were lower, 1 in 5 said securing a mortgage without their partner would have been impossible. For many people, the only way to become a first-time buyer is to step onto the ladder with their partner. ![]() The average UK house price in September 2019 was £234,000, £3,000 higher than the previous year. 7 in 10 couples said getting a mortgage would have been more difficult or impossible without pooling their finances However, the most common reason was simply that they’ve never considered pooling their wealth (36%), which is surprising because sharing finances helps couples overcome their biggest financial hurdles. 51% said they’d consider sharing all the money they own in a joint account with their partner, but the other 49% would not.Ībout 1 in 6 couples without a joint account wouldn’t consider getting one because it’d make breaking up complicated, while 1 in 7 don’t want their partner spending money they’ve earned. Couples that haven’t opened a joint account are on the fence about taking this step. The main feature of a joint account is that both partners have equal access and ownership of the money it holds, regardless of who earned the money. Joint accounts are more common among married couples – 91% of joint account holders have tied the knot, compared to 55% of those with only separate accounts. Or, the same set-up but with equal contributions regardless of their earnings (14%). For example, separate accounts for most things but a joint account for expenses, to which partner’s contribute based on their earnings (16%). Most couples fall into one of two camps, either sharing all of their income and savings in joint accounts (32%) or keeping their finances completely separate in individual accounts (32%). The majority of cohabiting couples share all their money or keep it entirely separate To explore how finances are shared and separated in Britain today, we surveyed 1,052 people who live with their partners. In fact, while married couples who live together are still the norm, unmarried cohabiting couples – whose money is separate in the eyes of the law – are now the fastest-growing family type.Īt the same time, with a bank account and app for every financial task, couples now have more choice than ever in how they manage their money, either as a team or two individuals. ![]() Couples are increasingly choosing to live together before, or without, getting married. ![]()
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