Marriage is both a life and a financial partnership. No matter how you combine your funds, the financial decisions both you and your partner make will undoubtedly have an impact on each other.
According to the latest research published in the Journal of Economic Research, shared bank accounts can help newlyweds maintain relationship quality over the initial two years of marriage.
Meanwhile, the study discovered that those who kept their money separate had lower relationship quality within the same time period.
The study found three factors, all of which are valid justifications for sharing a bank or savings account with your spouse.
Better Money Attitudes Promoted by Joint Accounts
A joint account strengthens relationships by improving money attitudes. Handling finances solo can be frustrating. Joint accounts offer shared decision-making and accountability. Pooling resources increases financial flexibility and reduces money stress compared to separate accounts.”
Shared Accounts Encourages Common Goals
Putting the funds in one account has another significant advantage: it makes it simpler to work together toward a common objective rather than having distinct goals.
Assume that one of you has credit card debt. If you had separate accounts and they brought it into the marriage, the debt may easily be viewed as your spouse’s concern.
However, it has an effect on the entire sum of money coming into your home because some of it is going toward interest.
If you’ve joined your financial lives, the debt is something you can both try to pay off. You’ll be in it together, and you’ll be more inclined to pay it off sooner so you can put your shared money to better use.
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Shared Accounts Encourage Communal Norm Adherence
Communal norms are associated with higher levels of relationship satisfaction. Essentially, when you follow common rules, you and your partner respond to one other’s needs without expecting a return.
A shared bank account has been shown to boost adherence to communal norms since you grow used to working as a team on matters and balancing each other’s needs.
You aren’t splitting the bills and keeping track of who owes what.
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