A new survey for TSB has found that 9 out of 10 couples are pooling their money in a joint current account. Younger generations, however, are taking longer to do so than their predecessors.
It was revealed that older generations (those aged over 55) waited for a brief year and 10 months before opening a joint account whereas their kids (people aged under 25) wait for an average of 2 years and 3 months.
This pattern differed, however, when looking at marriage. The survey of 2,000 adults found that younger generations were more likely to join finances before marriage than their elders. Renting together was the main reason for couples under 35 merging their finances.
Accounts were likely to be opened in the name of both participants across all age groups with 70% claiming to do so. However, young women were more likely to add their partners to their account (16%), compared to 6% of men adding women’s names to theirs.