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Seven in 10 couples keep bank accounts separate

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30/04/2008

The old proverb ‘what’s mine is yours and what’s yours is mine’ is fading fast from household finances, according to research by online payment provider PayPal.

It seems that tradition has gone out of the window with more and more couples wishing to keep their finances separate from their partners. The top reason given for this is simply that they want to keep their own money separate (56%).

An independent one in six (17%) do so because they refuse to take responsibility for their partners spending with over one in 10 saying they keep separate accounts because they do not want to argue about money and finances.

However, a separate bank account does not necessarily negate conflict arising over money with 15% of couples arguing more about money and finances than anything else. Overall 39% of couples say they fight about this issue between once a week and several times a month with a quarter of couples admitting they fight about money at least once a month.

Cristina Hoole, PayPal UK spokesperson said: “Our research suggests there is a growing trend emerging between partners and how they manage their finances, with people having separate bank accounts so they can keep control of their own finances. It also appears that arguments over money are most frequent after people have been in a relationship for a while, perhaps people wait until they feel settled with their partner before bringing up the sticky subject of finances.

“For the couples who do want to be open and transfer money between each other quickly and easily, PayPal offers a perfect solution either by email or even mobile phone. Furthermore, account holders can store their bank account, debit card or credit card details on their PayPal account in this way people can keep a close control on how they spend their money.”

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