Why Every Couple Needs Joint Financial Accounts

A survey by TD Bank shows that 60% of Millennial couples report keeping credit card accounts separate versus 48% of Baby Boomer couples.

One-in-five Millennials report keeping a financial secret from their partner including a separate bank account or credit card debt.

Are Millennials being financially savvy or missing out on big advantages to joining accounts? Should you keep joint accounts with your spouse or is it easier to stay financially independent?

Why You Should Join Your Finances When You Join Your Lives

Joint accounts give each partner access to the resources they need to pay bills, use financial tools and bare their part of the responsibilities.

Keeping joint accounts make it easier to track all your finances and less likely you’ll run into any financial ‘surprises’ like missed payments or one spouse hiding something from the other.

Disadvantages of Joint Financial Accounts for Couples

Joint finances mean joining debts as well and one partner may feel obligated to paying off the pre-marriage debt of the other.

How to Talk to Your Partner about Joint Finances

Don’t just assume that your partner agrees with your opinion on keeping things separate or creating joint accounts. If you can’t talk about money now, you’re definitely going to have problems in the future.

Swipe up to learn more!