Evidence suggests couples benefit from fully merged finances, but younger people are moving away from the practice. Find out more.
Along with changing how couples talk about money, Olson’s study found other potential positives — reducing difficult-to-justify purchases because of the increased transparency, and generally preserving the communal nature of a relationship.“So if you can be on the same team with money, you know, you’re going to be better off in the long run.”
Many couples choose something in between, having a combined account for household expenses, while also keeping separate accounts to maintain some autonomy.Article content She said there were certainly numerous circumstances where it’s not the best choice for a couple, whether it’s having children from a previous marriage or business accounts or other complications.
She also noted that while shared accounts can be divided fairly easily according to provincial laws in the event the relationship ends, shared debts or credit are still both partners’ burden after, so a much deeper conversation is needed before co-signing on loans.Article content She also recommends at least monthly money meetings or money dates where partners check in to see if their shared finances are working.
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