By Arlenys Tabare
As more young Americans assert their financial independence and increase their individual wealth, more and more couples under age 50 are deciding to have separate bank accounts and manage their money alone.
Recently, results of a survey developed by Fidelity revealed that more than 30% of Generation Z couples decided to keep their individual bank accounts, compared to 26% of millennials, 19% of Generation X and 15% of toddler boomers.
There are several reasons for this trend, and one of them is that More and more people are getting married late, which gives them a margin of time to create assets before marriage, But it is also the case that many carry large debts, as in the case of student loans, which they decide to pay individually instead of sharing them with their partner.
Another reason is that, unlike previous years, there are currently more women in the labor market earning their own income, which has given them both freedom and economic stability.
Nowadays, For many couples, talking about personal and joint finances is not so much fun.; However, specialists on the subject point out that separate accounts can generate confusion or postpone common objectives.
For Jade Warshaw, financial advisor, talking about money as a couple is something that should not be postponed for too long. “They aren’t always the most pleasant conversations, but you don’t have to solve everything in one conversation. You need to have them to know who that person is in economic terms and how they perceive you.”
Survey data also indicated that couples avoid talking about finances because they fear being judged, lYou are worried about causing an argument or worrying your partner; However, silence can lead to more problems and confusion.
According to Fidelity analysis, this trend is perhaps what has driven prenuptial agreements in recent years, where more than 29% of Generation Z establish one with their partner before getting married.
Keep reading:
- Do you pay the debt with an emergency fund or do you continue saving?
- Do you want to be rich? The element that you do not control and provides an explanation for your wealth
- Wages in the US are below inflation: what does this mean?
- How much credit card debt is too much? Experts respond
