Joint bank account? Pass. More couples are keeping their finances separate.
It used to be that getting married also meant a union of bank accounts.
But these days, only about 4 in 10 couples combine their finances into joint accounts, according to new data from Fidelity Investments. About 1 in 5 keep everything separate — a share that has more than doubled since 2018.
Younger generations are driving the shift: 34% of Gen Z and 26% of millennials prefer fully separate accounts, compared to 19% of Gen Xers and 15% of boomers.
“The rise of separate accounts doesn’t signal less commitment — it reflects a redefinition of partnership,” said Chandler Riggs, a vice president at Fidelity. “Couples are balancing independence with shared decision-making.”
Two-thirds of respondents say it’s important to keep some money separate for financial autonomy.
I understand that. I’ve been married for more than three decades, and one thing that has helped us navigate our financial lives is maintaining both individual and joint accounts. We share savings, checking, and investment accounts, but we also keep separate bank, retirement, and credit card accounts.
I consider it especially important for women. Having your own accounts helps build an independent credit history and provides a financial cushion if a marriage ends or a partner dies.
Separate accounts also give each partner autonomy over some spending — whether it’s investing in a passion or supporting a hobby.
That said, income imbalances are inevitable over a long marriage. Money is power, and shifts in earnings can subtly affect a relationship. When one person is covering major expenses like the mortgage, resentment can build, while the other partner may feel guilt. It’s important to talk about those feelings.
The Fidelity study underscores this: 58% of couples don’t contribute equally to household finances, and nearly 1 in 4 say that imbalance affects their relationship.
One striking finding: 46% of women feel financially dependent, compared to just 16% of men. And 6 in 10 people with less financial responsibility worry about their ability to take over if needed.
“If one partner has been less involved in long-term planning, transitions like retirement can quickly expose gaps in confidence and readiness,” Riggs said.
Even though most couples feel good about their communication, fewer than a third regularly discuss day-to-day or long-term finances. Nearly half avoid money conversations to prevent arguments, and almost 1 in 4 admit to hiding a financial secret.
