Survey Says: Couples That Pool Finances Are Happier

In Sickness and in Savings Accounts

There are plenty of big decisions to make when it comes to your relationship. But, while it may not be the most romantic, one of the biggest is the decision of whether or not to open a joint bank account.

Opening a bank account with your spouse can help ensure that the two of you are on the same page when it comes to your financial goals. Still, according to a survey from Creditcards.com (RATE), just 43% of couples reported using only joint bank accounts.

Pros and Cons

The biggest risk of combining your finances is that, in the event of a divorce, you’ll eventually have to unravel years of combined income and spending. In these cases, it can be difficult to determine whose assets are whose. If you do decide to bank together, be sure you’re at a place in your relationship where both you and your spouse feel fully confident in this long-term decision.

That said, research suggests joint bank accounts can actually provide a boost to your finances. A 2019 study found that married couples hold four times as much wealth as unmarried couples, even those who split bills. By opening an account together, both you and your spouse are essentially doubling your net worth, combining funds and making it easier to achieve milestones such as buying a home and saving for retirement.

Those Who Bank Together, Stay Together

Combining bank accounts can help both partners feel a stronger sense of stability — not just in their finances, but in their relationship as well. A survey conducted by professors from Cornell University and the University of Colorado found that couples who pool finances experience greater satisfaction with their partners and may even stay together longer.

As long as you both see eye-to-eye in terms of your financial goals and spending, opening a joint bank account might just be another way to bring you and your partner closer together.

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