Consumer Alert: Should couples have joint bank accounts?
(WJLA) - Money is known to cause a few arguments when it comes to couples – and these are reportedly the biggest money-related arguments from the American Institute of CPAs:
- Wants vs. Needs
- Unexpected Expenses
- Not enough savings
Approximately 66-percent of married couples have joint checking accounts, according to a recent American Express survey. And 51-percent have a joint savings account.
ABC7 found that while some couples like to maintain their freedom and privacy, others prefer to share all the way.
"If I want to go out and go shopping on my own, I'm gonna feel good about that," says Carlye Sherlington. "It's my money and I'm gonna have fun with it -- and he can do the same."
Merrill Lynch Wealth Management just released a new study on Monday, which found that men and women are more alike when it comes to investing in their futures.
On the topic, Senior Vice President Heather Evans gives her own personal recommendation:
"It's a very personal thing," she says. adding that oftentimes, having both a joint as well as a separate account can be the answer.
"You can do it both ways! Couples have one joint, but a lot will have joint for the majority of the bills and then a separate account."