![]() ![]() 1 in 4 people who partly share finances with their partner don’t know how much debt their partner has We asked people which key pieces of their partners’ financial information they didn’t know. To keep stress levels low when sharing finances, it helps to know your partner’s financial situation, because with joint accounts and mortgages, for better or worse, you’re in it together. A smaller proportion (14%) said they feel more stressed about money after sharing, while the remainder (41%) said that not much has changed – their stress levels related to money are as high or low as ever. Sharing money can turn an impossible dream into reality, but does sharing finances with one’s other half reliably reduce stress?Ĥ5% said they feel less stress after sharing finances with their partner compared to when they kept their money separate. While many couple take out life insurance when buying a property, it's available to renters too. Just as there are decisions to be made about splitting house costs equally, life insurance is another financial arrangement that can be taken out on a single or joint basis. While many couples take out life insurance when, it’s available to too. Just as there are decisions to be made about splitting housing costs equally, life insurance is another financial arrangement that can be taken out on a basis. 52% who rent said it would be more difficult to do so without their partners’ financial contributions, and 20% said renting would be impossible. 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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