Is the death of the joint bank account on the horizon? 

According to a new report by Moneyfarm.com, nearly a third of Britons under the age of 30 in a long-term relationship want nothing to do with them. 

Some said the concept felt outdated, while others said they worried they were a sexist tool to control women’s spending. 

On The Pat Kenny Show, David Quinn, MD Investwise described the issue as “very topical” given how banking has changed in recent years. 

 “With the likes of Revolut, these online banks are so easy to use,” he explained. 

“It makes transferring between accounts so much easier, so people’s bank accounts have gotten more fragmented than they used to be. 

“So, this doesn’t surprise me at all.” 

An AIB ATM. Picture by: Sam Boal/RollingNews

Mr Quinn added that many couples will not open a joint account because they simply have no interest in taking on the admin it involves. 

“They just carry on as they were,” he said. 

“They have their own bank account that was probably set up while they were in college [with] Bank of Ireland or AIB. 

“They continue with that account and if they’re somewhat organised, they’ll agree a transfer into the new joint account.” 

How couples spend

Whether or not a couple has a joint account, Mr Quinn said the real issue is how they how they decide to spend the money they earn. 

“If one person is earning significantly more than the other, they’ll split the bills pro rata - it all gets very complicated,” he said. 

“Also then, I do see a conflict where there’s a significant difference in the earnings and the higher earner will want to keep a little bit more aside for their savings. 

“They’ll split the bills evenly and they’ve a surplus and the other doesn’t - people can be held hostage a little bit.” 

Euro banknotes in a pocket. Picture by: Alamy.com.

Personally, Mr Quinn recommends a joint account but said whatever couples decide to do, openness is key. 

“I hold my hand up and say I love one single joint account for everything,” he said. 

“I think that’s the best way for couples to manage their finances, but I don’t get totally hung up on the structure. 

“What I want to see couples doing is sitting down and being open and transparent about their money - treating it as a partnership and having some teamwork about it.” 

Main image: A young couple signing a contract in an office. Picture by: Alamy.com.