Separate bank accounts: a growing trend among millennial spouses

On Behalf of | Sep 14, 2021 | Property Division

No doubt about it, millennials have a unique approach when it comes to relationships. This is the generation which has made online matchmaking – and even dating electronically – socially acceptable. Where previous generations considered prenuptial agreements to be outlandish, millennials are making them the norm.

Even the way millennial spouses handle their finances stands apart from the trends of other generations. In today’s post, we examine why millennial married couples – more than spouses from any other generation – are choosing to keep separate bank accounts.

  • Force of habit: It is becoming increasingly common for millennial couples to live together before they get married. During this unmarried, cohabitation stage, joint bank accounts are uncommon. Therefore, when such couples transition into married life, they’re already used to keeping their finances separate.
  • More at stake: Compared to previous generations, millennials are marrying when they’re older and further along in their professional careers. They have a higher net worth and a long history of financial independence, which they don’t want to jeopardize.
  • More control: In previous generations, women were commonly reliant on their husbands’ income – and couldn’t even establish a line of credit without a joint account. Millennial women, on the other hand, have more financial freedom and control. They tend to view joint accounts as a potential reversion to antiquated gender roles, where the man controls the marital finances.
  • Fewer disputes: By and large, millennials report greater satisfaction when they keep their finances separate. Each spouse’s contribution to various joint or individual expenditures is more recognized, and there is little room for disagreement over money.

Finances are traditionally one of the biggest sources of stress and leading causes of argument in a marriage. By keeping separate bank accounts, millennials could be paving the way for a more harmonious marriage.