Sean Jackson
One of the most common arguments among married couples is about finances, particularly budget and spending challenges. However, research from MarketWatch Guide shows that joint banking could lead to fewer arguments and increased relationship satisfaction.
According to the study, 55% of couples who use solely joint bank accounts claim they never fight about money, compared to only 39% of partners who have personal accounts. And financial conflict between spouses, along with these common money mistakes couples make, can result in serious consequences, like foreclosure or divorce. For this reason, joint banking could benefit many couples.
Couples' biggest financial arguments
What specifically do couples often fight about regarding finances? MarketWatch found the top financial arguments among couples.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
- Not adhering to a budget: 25.5%
- Spending on things you cannot afford: 24.3%
- Having differing savings goals: 15.1%
- Unequal involvement in handling money: 11.4%
- Dishonestly about what you're buying: 10.9%
- Who makes more money: 6.7%
The top two reasons couples argue about finances: Not sticking to a budget and spending money on things they can't afford. And financial infidelity is more common than you may think. According to Bankrate, about one-third of those in couples say they have committed some form of it, typically spending more than their partner would be okay with.
Luckily, there are ways of addressing any financial miscommunications that might arise. One of the easiest solutions is using budgeting apps.
There's an app called Honeydue, which is perfect for couples. How it works is you both download it to keep track of bank accounts, credit cards and investments. It allows both parties to be on the same financial page.
Also a sore spot for couples is an unequal involvement in handling finances. MarketWatch found that 43% of men claim to be the financially-savvy spouse, while only 18% of women claim the same. Typically, its important that both parties have an equal say in decision making when it comes to finances, so making time to have regular financial check-ins with your spouse can be beneficial.
David Straughan, MarketWatch Guides financial writer tells Kiplinger: "Sharing a checking account with your partner can give visibility into where money is being spent, thus making it more difficult to deviate from a budget or make unwise financial decisions." Plus, it helps both partners take a more active role in the managing of household finances.
Find a new account you both will like with our Bankrate tool:
Joint banking could lead to a happier marriage
Overall, having open communication about finances is essential for any relationship, and having a joint banking account can help facilitate these types of conversations. And while perspectives on finances between you and your spouse can differ, it’s possible to get on the same financial page as a couple.
The 2024 MarketWatch Guides Joint Banking Survey found that 60.3% of couples who use only joint bank accounts were the most likely to claim they were "very satisfied" in their relationship, compared to 57% who use personal accounts only and 54.4% who use both joint and personal accounts.
"Most of the experts we talked to told us that one of the reasons couples use a joint banking model tend to be happier is that it improves their communication around money issues and encourages honesty and transparency" says Straughan. "Some even suggested that these developments can often bleed over into other areas of the relationship, improving communication beyond just the financial realm."
Fidelity's 2021 Couples & Money Study found that couples who communicate well are more likely to expect to live comfortably in retirement, rate their household's financial health as excellent or good and say that money is not their greatest relationship challenge.
Of course, joint banking may not be the right fit for all marriages, and in certain cases it can be better to keep at least some of your finances separate. However, it's still important to discuss, and having a candid discussion regarding finances can help your relationship succeed.
Related Content
-
Stocks Swing in Volatile Session: Stock Market TodayThe main indexes fell sharply in early trading on rising China tensions, but rebounded thanks to encouraging bank earnings.
-
Don't Miss Out! A Quiz on Medicare Enrollment DeadlinesQuiz Test your basic knowledge of Medicare enrollment periods in our quick quiz.
-
A 'Fast, Fair and Friendly' Fail: Farmers Irks Customers With Its Handling of a Data BreachFarmers Insurance is facing negative attention and lawsuits because of a three-month delay in notifying 1.1 million policyholders about a data breach. Here's what you can do if you're affected.
-
Retirement Road Trips with Pets: Tips for Traveling with Your Dog or CatHitting the road for a retirement adventure with your pet? Check out these tips to keep your furry friend happy and safe on the journey!
-
This Is How Much You'll Have to Pay to Share Streaming ServicesIt now costs more to share streaming services with family members who don't live with the account holder. Here's what Netflix, Amazon, Hulu and Disney+ charge.
-
Credit Cards That Actually Reward Your LoyaltyIf you have bank or investment accounts with your credit card issuer, you may qualify for extra cash back, waived fees and other benefits.
-
The 10 Most Valuable Vacation Destinations for Retirees in 2026Whether traveling within the U.S. or internationally, retirees can find a perfect blend of relaxation and excitement in these destinations, all while staying within budget.
-
My First $1 Million: Waste Hauling and Recycling Business Owner, 40, WyomingEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
I Wrote About Credit Cards for Years: Here's My Credit Card Rewards StrategyThis is how I maximize cash back and points for various purchases and leverage premium card benefits such as airport lounge access and annual fee waivers for active-duty military members.
-
Sam's Club Extends A Popular Shopping PerkSam's Club has adopted a new policy on Sundays and holidays. Learn what it is and how to save on a membership.
