Love Me Not My Bank Account say singletons keen to avoid financial commitment
Nearly one in three singletons vows to remain financially independent in their next relationship. Financial commitment-phobia also preys on more than half of all relationships, as couples choose to keep their options open. Women are tops when it comes to keeping finances in order.
In fact, only 3% of singletons would choose to close their own account and share their finances with their future partner. Well over half (56%) say they would prefer to keep their options open in their next relationship - with money both in a joint account and in a separate account in their own name.
Couples retain their independence
While couples might be committed to one another, many are far from committed when it comes to their finances, with more than one in four couples (28%) opting not to have a joint account and insisting on keeping their money separate.
Nearly one in ten (8%) people in a relationship don't trust their partner enough to share their finances.
Nearly one in five (17%) of couples admit that having joint finances would lead to arguments.
Four in ten (41%) couples say they have never even brought the matter up, vowing to remain financially independent without discussion.
Women are particularly keen to assert their financial independence
Nearly half (42%) of women in a relationship, say financial independence is important for them - compared to just one in four (24%) men.
Marginally less that half (47%) of women believe that they are better at managing the family finances that their male partners.
Nearly one in four (23%) men think that women really are the ‘better half' and readily admit they are much more financially astute.
Not that many couples are good at keeping track of their cash:
Nearly one in six (16%) couples admit to not knowing the current balance of their joint account.
Ten percent, while willing to hazard a guess admit that they would likely be as much as £200 inaccurate in their estimations.
The tendency to stick with the same account rather than option for one with more suitable facilities, in some case for up to twenty years has resulted in around forty one percent of couple failing to keep their finances in good order.
It is no surprise to see that many people wish to maintain their financial independence. It would appear that many couple remain uncomfortable discussing their financial issues.
There are benefits of having both independent and joint accounts. As with most financial services, there is a large discrepancy between the best and worst deals available to consumers today and as such it is worth shopping around for the best current account deals available for your particular needs. Far too many people - both singles and couples - have stayed wed to the same bank for far too long."
About the Author
Alliance & Leicester current accounts have won the best debit interest award from Moneyfacts for four successive years, and in 2006 won the Moneyfacts’ best credit interest award for the first time. Visit the Alliance & Leicester website at http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=home or your local branch for more information on the best current account.
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