Money News
The old proverb 'what's mine is yours and what's yours is mine' is fading fast from household finances, according to research by online payment provider PayPal. The report into couples' attitudes to their finances has revealed that more than seven in ten couples in the UK (71%) say they keep separate bank accounts from their partner.
It seems that tradition has gone out of the window with more and more couples wishing to keep their finances separate from their partners. The top reason given for this is simply that they want to keep their own money separate (56%). An independent one in six (17%) do so because they refuse to take responsibility for their partner's spending with over one in 10 (12%) saying they keep separate accounts because they don't want to argue about money and finances.
However, a separate bank account doesn't necessarily negate conflict arising over money, given 15% of couples argue more about money and finances than anything else. Overall four in 10 (39%) say they fight about this issue between once a week/several times a month. Roughly a quarter (26%) admit they fight about money at least once a month.
It would also appear that arguments about money and finance are not confined to those with a ring on their finger. The research revealed that more than half (59%) of couples had their first argument about money whilst they were dating their partner compared to a quarter (27%) who said it was once they were married.
Cristina Hoole, PayPal UK spokesperson said: "Our research suggests there is a growing trend emerging between partners and how they manage their finances, with people having separate bank accounts so they can keep control of their own finances.
"It also appears that arguments over money are most frequent after people have been in a relationship for a while, perhaps people wait until they feel settled with their partner before bringing up the sticky subject of finances."
30 April 2008 © Moneyextra.com
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