Young couples are more likely to embrace financial independence from their partners by maintaining separate bank accounts, according to a recent survey by Fidelity.
The survey found that the younger the generation, the more likely couples were to maintain separate accounts. Roughly a third of Gen Z couples (34%) had separate accounts, compared to millennials (26%), Gen X (19%) and Boomers (15%). Similar percentages in each generation were likely to maintain both joint and separate accounts, with Boomers the only generation where a majority of couples had only joint accounts.
Two-thirds of all respondents said financial independence was important. However, 46% of women said they feel financially dependent on their partner, compared to only 11% of men.
Most respondents (68%) said they didn’t know their partner’s full financial picture until moving in together. More than half (56%) said they monitor their partner’s spending. Nearly one in four (24%) said they hide money from their partner.
