Almost half of couples think joint bank accounts are outdated as financial

Roll back a few decades and a joint bank account was a given for most married couples.

But now a ‘what’s mine is yours’ approach to handling money is falling out of favour as couples become more individualistic and secretive, new research reveals.

Some 44 per cent of those in a long-term relationship think joint bank accounts are outdated, old fashioned and even sexist, according to wealth manager Moneyfarm.

And three in ten long-term couples refuse to have one altogether.

Reasons for snubbing a shared account include spend thrift partners (20 per cent) and desire for financial independence (32 per cent).

Plus, 29 per cent insist that how they spend their money is of no concern to their partner and 13 per cent insist their partner has a terrible credit rating or too much debt to share an account with them.

But a desire to guard financial secrets is one of the reasons for this soaring trend.

Some 11 per cent don’t want their partner to know how much money they have.

And almost half have a secret savings account stashed away that they don’t want their partner to know about. 

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These secret savers have an average of £19,800 hidden away, whether that’s to buy things behind their partner’s back or for a ‘rainy day’.

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.’

Moneyfarm found two in five of those surveyed admit they have made a financial decision without consulting their other half – and one in ten regularly hide receipts from their partner to disguise their spending habits.

And the secrets don’t stop there.

As many as 15 percent of Brits tell their other half they earn less than they do in order to have more disposable income for shopping sprees.

One in four go as far as to hide a pay rise so they can keep the extra cash for themselves.