3rd July 2015
A third of couples may share their lives but they keep their finances completely separate.
Research from AA Life Insurance shows only a quarter of couples keep all their money together, compared to a third of people who keep all of their money separate. Another third split their money between a joint account and a personal account.
When moving in with one another, one in seven said they found it difficult to manage money with their partner and other problems come out on top such as keeping the house clean and annoying habits.
Kathryn Thomas, director of AA Life Insurance said those who have only just moved in together may not have got round to putting their finances in order or found that keeping money separate has not caused any issues yet.
‘Alternatively, it may be that they believe in ‘what’s mine is my own’ rather than ‘what’s mine is yours’,’ she said.
‘This may be more likely with those who have married or moved in with their partner when they were slightly older so are more financially independent as they have their own savings.’
Previous research by AA found that 9% of people had secret savings that their partner did not know about.
‘It’s good to see that generally money isn’t causing arguments between couples,’ said Thomas. ‘Aside form arranging household bills and day-to-day expenditure, it’s important to think about what might happen if either partner were no longer around. Only a third of those who have recently moved in with a partner have life insurance. Though life insurance is something we hope we’ll never have to use, it can be incredibly valuable to those that need it.’