Millennials Say Joint Bank Accounts Are Outdated
Millennials are willing to share most of their life story online but when it comes to sharing a bank account with our boo… we’re out. A new survey has found a whopping 75% of young adults say joint accounts are for married couples only. So get ready to keep on hitting up your significant other on Venmo for their cut of the Netflix bill every month until rings are exchanged.
As to why Millennials aren’t down to pool their savings, the head of product at 2Up, Anson Parker, says it comes down to two things. First, there’s the issue of dealing with disentangling finances if things don’t work out. Second, is the issue with losing our privacy. Which makes you wonder what purchases your boo is hiding from you…
Other than the confusion over bills and keeping things even, studies point to another major problem with Millennials’ choice to keep separate accounts. Researchers from the University of Notre Dame, University College London, and University of California Los Angeles have found couples who pool their money experienced greater relationship satisfaction. So there’s a chance that stressing about money issues could ruin things for you way before you walk down the aisle.
Source: Financial Review
