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Joint savings account

12th February 2020
Posted by Aston Avery

The true test of commitment in a relationship could come down to whether you are ready to combine finances, according to new research. The survey, conducted by Marcus by Goldman Sachs, found that whilst couples generally wait five and half years on average to combine finances, almost one in 10 married couples say they have waited 25 years or more before opening a joint account with their significant other.

The reasons given for combining finances are overwhelmingly practical – just under half of those with a joint account have done so to make sharing expenses easier, and 23% harbour joint ambitions to buy a house. Conversely, more than one in ten (13%) without a joint account cite their partner being “bad with money” as a reason why – and 29% say they wanted to maintain their financial independence. Indeed, despite having committed to their partner for life, 18% of married couples said opening a joint account feels like ‘too much of a commitment’.

Aston spoke to Sam Owen, psychologist and relationship coach who was also joined by Ali Peck, finance expert and chief of staff at Marcus by Goldman Sachs to talk about the new easy access Online Savings Account to joint savers. Sam also explored UK adults’ attitudes to relationships and money in more depth.