Hannah is extremely disciplined with her money. She keeps track of every cent, saves regularly, and maintains a strict budget. She is proud of her spending habits because she knows exactly where her money is going. These habits lead her to feel financially secure and satisfied. Josh, on the other hand, tends to use his money impulsively. He does not like to budget or save very much, and his financial situation often stresses him, leading him to feel financially frustrated. What happens when these two mindsets come together in a relationship? Would their finances follow Hannah’s financial expertise or Josh’s haphazard ways? According to research, there are certain outcomes that these two lovebirds could potentially expect.
How might this couple meld well together? Let’s look at the evidence. Dr. Angela Sorgente and colleagues found in a recent study that an individual’s satisfaction with their personal money habits will not change even if their spouse has different ways of managing their finances.[1] This means Hannah would remain satisfied financially because she feels confident in her personal money skills. Similarly, Josh would continue feeling dissatisfied financially because of his financial choices. Put simply, whether you are good or bad with money usually only affects how financially satisfied you feel. Therefore, your spouse’s habits will probably not directly impact how satisfied you feel about your finances; they are only influenced by their own behaviors. This means that Josh and Hannah could still get along well, even though they have different money habits. But wait, you might be asking, “How are they supposed to deal with these financial differences? Wouldn’t they argue about them?” Let me assuage your fears. Perhaps this recent research can help explain how Hannah and Josh’s finances could potentially work in tandem.
Dr. Sorgente also found that young couples with shared bank accounts typically had similar financial behaviors.1 Wait a minute…does this mean that Josh and Hannah would begin having similar financial behaviors if they got a joint bank account? The answer is, yes! Hannah’s positive budgeting and spending habits would eventually rub off on Josh, and perhaps Josh could influence Hannah to use their money more spontaneously. On the other hand, if they chose to keep separate bank accounts (or have both individual and joint accounts), evidence suggests that they would be less likely to behave similarly to each other in their financial behaviors.1 Josh and Hannah would continue in their current financial habits and potentially never come together financially in their marriage. Potential consequences of this decision may be feeling financially unsatisfied and not being able to come together in their financial goals. That to me sounds like a disaster waiting to happen.
To top it all off, Sorgente found that couples with only separate accounts are prone to have less positive financial behaviors than couples with joint accounts.1 This means that couples with joint bank accounts are more likely to exhibit better financial behaviors (like saving money from every paycheck, paying bills on time, and paying off credit card balances in full each month). These findings help us to predict that Hannah and Josh could be negatively affected by trying to maintain their financial independence with separate bank accounts. In conclusion, if you are seeking financial flourishing as a couple, perhaps it is time to consider opening a joint bank account.
Takeaways for Newlywed Couples
· Your financial habits affect you most. How you manage your money—whether you budget, save, or spend impulsively—only impacts how you feel about your own financial satisfaction, not your spouse’s. This means you cannot carry your partner’s financial peace just by being good with money. Each person needs to develop healthy habits of their own by learning how to manage money wisely.
· Joint bank accounts encourage similar financial behavior. Couples with joint bank accounts tend to develop similar financial habits. That similarity can foster better financial behaviors leading to better communication, teamwork, and fulfillment of shared economic goals.
· Separate accounts may lead to less positive financial behavior. If you and your spouse currently only use separate accounts, you are less likely to engage in positive financial behaviors (like budgeting, saving money, or avoiding debt). Having separate accounts may feel like independence, but it could come at the cost of transparency and shared responsibility. Choosing to have joint bank accounts may be a better fit for you and your spouse’s financial dreams.
References:
[1] Sorgente, A., Lanz, M., Tagliabue, S., Wilmarth, M. J., Archuleta, K. L., Yorgason, J., & James, S. (2023). Yours, mine, or ours: Does bank account status in early marriage affect financial behavior and financial satisfaction? Journal of Social and Personal Relationships, 40(12) 4023–4049. https://doi.org/10.1177/02654075231201554