More couples keeping separate bank accounts, but missing key step, survey says

Fewer couples are combining their finances, especially younger Americans.

New research from Fidelity shows more Gen Z and millennials are keeping separate bank accounts compared with Gen X and baby boomers. The survey found 34% of Gen Z and 26% of millennials opted to keep their money completely separate, compared to 19% of Gen X and 15% of baby boomers. Couples surveyed have been together for at least three years.

Experts say that approach can work, but only if couples communicate.

The same survey found many couples do not regularly talk about money, from daily spending to long-term plans, even though a majority say they want to.

Money remains one of the biggest sources of stress in relationships. Certified financial planner Regina McCann Hess said in a recent appearance on the In Your Corner podcast that the key is not whether couples merge accounts, but whether they talk honestly about finances.

She says those conversations should start early and happen often. Hess warns that a lack of communication can lead to a serious issue.

"I've heard clients say to me 'financial infidelity,' when the other spouse or partner is basically being very secretive of their money and what they're spending it on and what they're saving it on," McCann Hess said. "That really hurts marriage, it hurts a partnership, it hurts everything, so if you're having these conversations early, it's going to become the norm, and it's going to become expected."

It's OK to disagree, she said, as long as you discuss it.

You can watch the full interview and get more guidance on the In Your Corner podcast. The In Your Corner podcast is dedicated to providing practical solutions to everyday problems.

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