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Why are young couples keeping "separate purses"?

2024-02-13 11:16:33Lifestyle SHKRUAR NGA REDAKSIA VOX

Why are young couples keeping "separate purses"?

Almost 2 in 5 couples, or 39% of cohabiting couples, fully combine their finances, whether married or not. This is according to a new report published by CNBC. Adults between the ages of 18 and 27 are more likely to keep their finances completely separate from their partner, 38% of the time.

Baby boomers, or adults aged 60 to 78, are the most likely generation to fully co-finance with their partner, at 44% of the time. The Bankrate report in question was based on a December survey of 2,233 US adults, including 1,124 who were married or living with a partner at the time of the survey.

Almost half, or 46%, of people in a relationship keep their finances separate to avoid losing their financial independence, according to a recent survey by the financial services company. The poll was conducted among 1,659 American adults in early January.

Of cohabiting couples, 36% of those earning less than $50,000 a year in household income keep their finances separate, Bankrate found. In a lower-income household, finances may be more likely to remain separate for a number of reasons. There can also be a level of 'shame' about the amount of student loan or credit card debt young people have, she said. Separate finances can allow them to keep these financial challenges private.

About 38% of cohabiting couples do a "mix" of joint and separate accounts, while 24% keep their finances completely separate. Gen Z also grew up with a phone in hand or easy access to apps and technology that previous generations didn't have. As such, they may not see the need for shared finances, especially when they can easily contribute to a shared expense through apps.

However, not all Gen Z couples keep their finances separate: About 34% of cohabiting Gen Z couples fully combine their finances, while 28% have a shared mix of "yours, mine, and ours." ,” Bankrate revealed.


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