We’re not so romantic when it comes to money – as majority of people in relationships value some financial independence

• TSB’s latest research shines a light on couple’s finances
• Just one in every eight people in a partnership shares all their finances with their partner
• Two in five choose to keep their finances completely separate
• TSB offers tips for maintaining financial harmony

On Valentine’s Day, TSB finds¹ the vast majority of people (88%) who are married or in long-term relationships², still like to maintain some financial independence: just one in eight (12%) share all their spending and finances in a joint bank account.

The majority of couples have access to joint accounts with three out of five couples (61%) sharing household finances. However, four in five of those with a joint account also have their own separate account for personal use and financial freedom when spending.

Although under half of couples (45%) split their finances equally, the vast majority of people (92%) thought their current arrangements were fair. However, TSB found a small number (8%) of people who felt their financial situation was unfair – and of these two-fifths (40%) had never raised the issue with their partner.

In a sign of openness, nine in ten people (90%) surveyed knew how much their partner earns and similarly almost nine in ten people (88%) said their partner knows how much they earn.

For those without a joint account, almost a quarter (23%) said their reasons for banking separately included not feeling comfortable sharing how much money they spend, have or earn with their partner. Additionally, 9% of those who bank separately from their partner do so because they don’t trust their partner with their money.

Carys Barnes, Head of Personal Current Accounts at TSB said:

“There’s no one size fits all approach when it comes to managing household finances and it’s clear that most people value maintaining some financial independence.

“But however you choose to manage this, it’s really important to talk about your finances and attitude to money to avoid problems.”

On Valentine’s Day, TSB shares advice and tips on handling household finances:

• Talk to each other and stay on top of your finances
  Good communication is crucial when it comes to household finances. It pays to keep a regular check on finances by creating a household budget. It’s a good opportunity to have a note of joint outgoings like bills, rent/mortgage payments, car and home insurance, childcare and/or holidays etc and future savings goals. That way, you can create a plan for building a future together and identify potential issues/overspend early.
• Agree a financial split
  It’s likely that you’ll be earning different salaries so it’s important to understand between you how the finances will be split. Some prefer to go 50:50 if they earn similar sums. These conversations can be hard to navigate but understanding how the finances will be split is crucial to forward planning.
• Choosing a bank account
  There’s no right or wrong when it comes to managing your finances whether you have a joint account or not, there are pros and cons to both.
  If you have separate accounts, it’s important to agree who will cover which expense. This will ensure all outgoings are covered and you both avoid any charges.
  If you choose a joint account, it’s worth noting that as soon as you open a joint bank account you are financially linked with the other person and that you are both responsible for the account. If your partner has a bad credit rating your credit rating may be impacted too.

Media Contacts

Avni Raval, Media Relations Manager | 07880 276 391 | Avni.raval@tsb.co.uk

Joseph Eyre, Senior Media Relations Manager | 07483 432 546 | joseph.eyre@tsb.co.uk

Notes to editors

For a small number of couples finances can be more than just a possible source of friction. For anyone concerned about how their partner is managing their joint finances then TSB provides safe spaces and works with Hestia, Surviving Economic Abuse and Women’s Aid on support measures.

¹ The research was conducted by Censuswide, among a sample of 1,023 x married people / people in long-term relationships (2+ years) in the UK. The data was collected between 29.01.2024 - 02.02.2024. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

² The definition of ‘couples’ and ‘long-term relationship’ was either ‘married’ or in relationships of over two years. As such, all respondents fitted into this category of ‘long-term’ relationship.