Elizabeth Berrett
Once upon a time, joint bank accounts were as standard in marriage as bone china sets and a three-piece suite. Not anymore. A new report by digital wealth manager Moneyfarm has uncovered that almost a third of Brits under 30 in long-term relationships (31 per cent) now want nothing to do with them.
Why? Well, 44% say the concept feels outdated, another 43 percent reckon they’re a sexist tool for controlling a woman’s purse strings, and a rather telling 32 per cent just want the satisfaction of knowing their money is their own.
Others are a little more blunt: 20 percent don’t trust their partners not to splurge the lot, while 29 per cent take the view that how they spend their earnings is no one else’s business.
And then there are the real cynics. More than one in ten (11%) keep their finances private because they simply don’t want their partner to know how much they have. Another 13 per cent believe their other half’s poor credit history or mountain of debt makes a shared account a very bad idea.
Secret savings and quiet stashes
Perhaps the most eyebrow-raising statistic is that 47 percent of couples have a secret savings account hidden from their partner’s gaze. And not just with loose change rattling inside: the average secret stash amounts to £19,600.
When asked why they were squirrelling away cash, 44% said they were saving for a rainy day, while 17 per cent admitted they were secretly putting aside money for things they wanted to buy behind their partner’s back.
And it doesn’t stop there. As many as 15 percent of Brits tell their other half they earn less than they really do, purely to pocket more disposable income. Meanwhile, a quarter (25%) keep pay rises under wraps so they can enjoy the extra cash themselves.
Chris Rudden, Head of Investment Consultants at Moneyfarm, says, “It’s interesting that so many couples are turning away from joint bank accounts which were once seen as a symbol of unity and trust. While financial independence is empowering, it’s crucial that this shift isn’t driven by secrecy or mistrust.
Choosing not to share finances should be a conscious decision rooted in mutual respect and transparency, not a way to hide spending habits or income. Financial secrecy is a red flag that undermines trust and can be deeply damaging to relationships. Transparency builds the foundation for long-term financial wellbeing, helping couples work together toward financial stability and ultimately achieve their life goals.”
Rows, receipts, and rainy-day break-up funds
It’s not just secret savings that are causing tension. Ten per cent of those polled have put aside a “break-glass-in-case-of-breakup” fund, while another 18% said they would consider doing the same.
One in ten couples are quietly hiding receipts from their other half, while 38 per cent admit to making financial decisions without so much as a whisper of consultation. The result? The average British couple argue about money 13 times a month, and nearly a third (31 percent) admit that financial secrecy regularly sparks rows in their relationship.
So, while joint bank accounts may have once been the bedrock of marital trust, today’s couples seem to prefer a little mystery in their money matters. Whether that’s independence or impending disaster depends on who’s holding the chequebook.
