Lots of couples struggle over the decision about opening a joint bank account or not and when they should merge their finances with their partners. It can be scary to share money when you don’t trust that your partner will make good financial decisions. But according to new research, couples who combine bank accounts and manage their money together have more satisfying relationships.
A new study followed 500 cohabitating families for about four years and collected data from them yearly about who earns the money, who has access to the money, who manages the money, who holds more power and the quality and stability of their relationships over time. Researchers found that when couples share the financial responsibilities instead of having one partner do the money management, both partners tend to be more empowered. Study authors also say both “relationship quality and stability tend to be higher.”
After several years, the info shows that couples who manage their finances together report having stronger relationships overall. Co-managing money, using a joint bank account, and working toward less financial conflict together helps these couples feel more empowered, which made their relationships more stable.
Lead study author Ashley LeBaron explains, “Feeling like you have equal financial power and solid communication with your partner is the key to feeling steady and satisfied in your relationship.”
Source: Mind Body Green