Generational shift in joining finances
Baby boomers and generation Y couples are on opposite sides of the spectrum when it comes to joining finances, according to finder.com.au.
The comparison website's survey found one in three couples insisted on keeping separate bank accounts, with 40 per cent of women in relationships refusing to merge money compared to 32 per cent of men.
Finder's consumer advocate, Bessie Hassan, said baby boomers were likely to have shared accounts with just over half having a shared bank account.
"Generation Y were the least likely age group, with 29 per cent having a shared account," she said.
"Generation X were most likely to hedge their bets by having joint and separate accounts at 30 per cent."
The survey said 26 per cent of Australian couples were found to have both personal and shared bank accounts.
"There are advantages to joint accounts, such as minimising fees and ease of budgeting. But first, it's important to consider if you both have similar views on money management as it can be a huge cause of tension between couples," Hassan said.
"When you have a shared bank account, the most important criteria is that you have a honest and transparent use of the money. That means no nasty surprises and less conflict."
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
