Megan Ford, a financial therapist and clinic director in the College of Family and Consumer Sciences, spoke with MarketWatch about the benefits of joint banking for married couples.
Ford explained that the outsized impact that financial issues have on relationships can also provide an opportunity for couples to align more closely.
“When couples feel in sync about financial issues, this can actually serve to strengthen a relationship,” she said.
While research has shown that joint banking can be beneficial to relationships, experts agree that joint banking may not benefit all couples.
“Ongoing financial conflict can definitely have a significant and eroding impact for intimate relationships,” Ford said. “Financial conflict is a reason often linked to why relationships end.”
Another expert explained examples involving a spouse with some type of addiction that impacts finances and situations in which those entering a second or higher marriage may benefit by keeping at least some of their finances separate.
Even in this scenario, Ford said that it’s important for couples to discuss it as an option, even if couples decide that it isn’t the right move for them.
“Ultimately, this decision is not one-size-fits-all,” she said. “I encourage partners to weigh the pros and cons and land where they feel most comfortable.”
