New research from MoneySuperMarket found that a quarter of people say their financial agreement benefits their partner.
Warning for thousands of UK couples who don’t have a joint account
A personal finance expert has issued a warning – after discovering almost half of couples feel their household finances are not divided fairly but many find it too awkward to start a conversation about money with their partner.
New research from MoneySuperMarket found that a quarter of people say their financial agreement benefits their partner. The shift away from traditional shared joint accounts has opened the door for a variety of ‘hybrid’ financial arrangements.
It includes everything from splitting finances 50/50 to contributions proportional to earnings. Among couples with separate accounts, it is more common for one partner to pay a larger share of the bills than for bills to be split 50/50.
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Harriet Smith, 35, a parent of three, told how having an honest conversation with her husband about money helped save their marriage after two years of disagreements.
Harriet and Scott, 37, from Wiltshire, pooled their money in a single joint account after their wedding in April 2017 – believing it was “just what people did.”
However they decided to separate out their accounts two years later – after opening up about the resentment they were experiencing over their shared finances.
Harriet said: “Becoming a hybrid finance couple has had such a huge, positive impact on our relationship – it was like a weight lifted overnight.
“Sharing a joint account was really tough. I would get annoyed about something Scott had spent on a weekly basis. We got to the point where we were arguing all the time – over things like him spending £4 on a sandwich.
“I don’t think it would have torn us apart, but it’s easy to see how for some couples it does. If we hadn’t had our daughter, it might have been a different story.
“What saved us is that we have always been able to have really honest and open conversations, and we eventually sat down with each other and said: ‘Look, something needs to change.”
Harriet said: “We now each pay a proportion of our total bills dependent on our salary – I pay 60% and Scott pays 40%. We don’t contribute equally, but it’s a fair and balanced way of managing our bills. And if our bills went up to a point where either of us had next to nothing left over at the end of the month, we would adjust the split again to make things fair.”
Kara Gammell, Personal Finance Expert at MoneySuperMarket, said: “With fewer couples relying on traditional joint accounts, we’re seeing a rise in hybrid finances – a flexible approach that allows partners to manage money in a way that suits their individual circumstances.
“It’s important for couples to be open about their finances and work together to find arrangements that feel fair and adaptable as life changes. Splitting bills isn’t a one-and-done decision – from moving in together to job changes and rising living costs, financial arrangements often need a rethink to keep things manageable.”