Nearly half of couples view joint bank accounts as outdated, Moneyfarm finds

Nearly half of couples in long-term relationships view joint bank accounts as outdated, according to new research from wealth manager Moneyfarm. The survey found that 44% describe joint accounts as outdated, old-fashioned, or even sexist, while about 30% refuse to have a joint account at all. The findings reflect a broader shift toward individual financial management as couples become more autonomous in how they handle money.

Reasons cited for snubbing a shared account include spendthrift partners (20%), and a desire for financial independence (32%). A further 29% say how they spend their money is of no concern to their partner, and 13% insist their partner has a terrible credit rating or too much debt to share an account. Another driver is secrecy: 11% do not want their partner to know how much money they have, and almost half report having a secret savings account they keep from their partner, with an average of £19,800 tucked away for a rainy day.

Moneyfarm stressed that while financial independence can empower couples, transparency remains key. Chris Rudden, head of investment consultants at Moneyfarm, cautioned that financial secrecy can undermine trust and damage relationships if used to conceal spending habits or income. "It's interesting that so many couples are turning away from joint bank accounts which were once seen a symbol of unity and trust. While financial independence is empowering, it's crucial that this shift isn't driven by secrecy or mistrust. Choosing not to share finances should be a conscious decision rooted in mutual respect and transparency, not a way to hide spending habits or income. Financial secrecy is a red flag that undermines trust and can be deeply damaging to relationships. Transparency builds the foundation for long-term financial wellbeing, helping couples work together toward financial stability and ultimately achieve their life goals."

Beyond preferences, the survey shows that joint financial decision-making has diminished: two in five respondents say they have made a financial decision without consulting their partner, and one in ten regularly hide receipts from their partner to disguise spending. In another strand of the report, 15% admit telling their partner they earn less than they do to gain more disposable income for shopping, and one in four confess to hiding a pay rise from their partner.

Taken together, the findings underscore a trend toward more individualized financial strategies amid rising living costs and shifting expectations around privacy in relationships. Moneyfarm notes that while independence can support personal financial wellbeing, it should be anchored in mutual trust and open communication to avoid undermining long-term goals such as homeownership, retirement planning, and shared investments.