In previous generations, when a couple got married, the likely next step was combining their finances into one joint account to create one pot of money from which to pay bills, manage the household, and to save and spend for goals.
In 2021, couples are doing things their own way. While many millennials are happy with the “all in” approach, more and more modern couples are choosing to keep all or part of their money separate.
Zeta examined data from over 20,000 couples to see how modern American couples are (and aren’t) merging their finances.
Here's what we found:
To break it down further:
Taking the leap to combine finances is a big leap. Here are some of the issues that came up when couples began their journey.
Fairness: Couples wanted to feel like each person was financially contributing to the relationship in a way that was deemed fair, according to the rules set out in that relationship.
Financial independence: Couples like the idea of streamlining their shared fixed finances and splitting bills but worry that they will lose their ability to spend and save as they choose.
Incompatible money management styles: Couples worry that merging finances if they have different money styles, such as if one is a saver while the other is a spender.
Ready to learn more about joint financial planning? Check out Zeta’s easy-to-follow Guide to Combining Finances
You can keep the honeymoon feeling going with a few adjustments to your financial lives. Many couples use joint bank accounts to help manage their finances.READ MORE
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The Zeta Joint Account is offered by Piermont Bank, Member FDIC. Zeta Help Inc. is a service provider of the issuing bank. All deposit accounts of the same ownership and/or vesting held at the issuing bank are combined and insured under an FDIC Certificate, up to $500,000. The Zeta Joint Debit Card, provided by Mastercard, may be used everywhere where Mastercard Debit Cards are accepted.
Zeta Joint Account Annual Percentage Yield (APY) effective as of 10/01/2022. Minimum amount to open account is $0.00. Minimum balance to earn APY is $0.01. Rate is as follows: 0.48% APY applies to balances over $0.01. Accounts with qualifying direct deposits are eligible for up to 1.93% APY. Rates may change after account is opened. Fees may reduce earnings.