Opening a joint account can have a positive effect on the way you manage money in your relationship. Nearly two thirds (59%) claimed that managing money together was easier after opening the account, while 38% said it was much easier.
For those that felt a joint account made managing money together easier, the focus was on working collaboratively with their partner. Almost half (47%) said it was easier to track how much they were spending collectively, and a third (34%) said they were able to make better decisions together. A similar proportion (33%) said they felt more like a team.
For the 8% who said it made money management more difficult, however, the lack of teamwork seemed to be the issue. Half of these respondents said their partner spent money without consulting them, and three in 10 said they argued more about money than they used to.
Despite most people finding things easier after opening a joint account, the majority (61%) didn’t notice any change in the nature of conversations with their partner about money. This could be because most couples that open an account are already having constructive and open conversations about their finances.
When conversations did change, however, it was far more likely to be for the better, with 30% finding them more positive and 16% much more positive, compared to just 9% who said they were more negative.