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The growing trend of separate bank accounts

Millennials aim to be different than their predecessor generations in many ways. One of the most marked differences is the choices they make in relationships. It's no secret that many are putting off marriage or even long-term relationships entirely until much later in life. 

Many experts posit possible reasons for this change including that women no longer find it a financial necessity to get married as they once may have. And thanks to advances in medical technology, people are also able to put off having children until later. Some millennials state that they simply have more options and they do not see marriage as a path they desire. 

Many of the millennials that do decide to take the plunge and get married have decided to carve their own way in relationships and how they function by operating with separate bank accounts. Traditionally, shared finances have been a mark of married life. While not all millennials are opting for separate accounts, they are more likely to do so than prior generations

Various reasons are given by those convinced that separate bank accounts are the way to go. A few of the reasons include:

  • Financial independence
  • Already had separate accounts when co-habitating before marriage
  • Student loan debt that couples do not want to burden spouse with or share
  • Financial awareness 
  • Avoidance of unnecessary conflict

Whatever the reasons for separate bank accounts, it is an interesting trend to note. No doubt that millennials will continue to challenge our perceptions of traditional marriage and family. 

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Littman Family Law
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