The latest study, published in the Journal of Consumer Research , has provided solid evidence that couples who have a joint bank account, will have better relationships, less money disputes, and also feel better about how they handle family finances, especially more stable relationships, as reported by science news site Science Daily.
Couples who keep money together may stay together longer
What did the study find?
The study, led by Jenny Olson, Ph.D., associate professor, recruited 230 engaged or newlywed couples and followed them for more than two years. At the start of the study, everyone had their own accounts. The average age was 28, they had known each other for an average of five years, and had been in a relationship for an average of three years. Ten percent had children.
All couples were divided into 3 groups: Keep separate bank accounts, Open a joint bank account, and Decide for yourself.
Results showed: After 2 years of follow-up, couples who opened a joint bank account had significantly higher relationship quality than those who kept separate accounts, and they achieved greater agreement and transparency about financial goals as well as a common understanding of marriage, according to Science Daily.
Meanwhile, those who keep separate accounts still think it will be easier to break up, Dr. Olson says.
Couples who opened a joint bank account had significantly higher relationship quality than those who kept separate accounts.
People with joint accounts have a higher “level of community” in their marriage than those who keep separate or only partially joint accounts, says Dr. Olson.
They felt more like they were “in it together.” This is the best evidence we have to date about how couples fare, and the effects over two years are pretty strong evidence of the benefits of keeping money together, says Dr. Olson.
“The communal level” means that when couples keep money together, they have a “we” mindset, and meet each other’s needs in the sense of “I want to help you because you need it, I’m not spying,” Olson explains.
Meanwhile, couples who keep their money separate see financial decisions as a trade-off. “If you help me, I have to help you. If you pay for the internet, I have to pay for the doctor.” They don’t work together like people with joint accounts.
Dr Satish Kumar CR, Consultant, Clinical Psychology, Manipal Hospital, Bengaluru (India), said that when people keep money together, they achieve greater happiness, better mental health and stronger relationships, according to Science Daily.
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