The trend of the Millennial generation is to enter into marriage later than previous generations. Unlike generations before them, they are choosing to reconstruct traditional marriage policy and keep their finances separate. This development has occurred for many different reasons; let’s explore a few.
Each partner has a full-time job
Millennial couples come together with their own full-time jobs, and many have similar paycheck amounts. As long as they are willing to share the expenses, they have no reason to share a banking account.
Having been on their own, many have accumulated assets and want to protect what they have acquired before the marriage.
A large amount of student loan debt
One partner may have extreme debt and the other none, it makes sense that they don’t want the burden or shared responsibility of that debt.
Being in charge of their own money and not having to discuss or receive permission from another is appealing to many millennials.
When you have the sole ability to decide whether to save or spend and it not affect your partner, then you can experience guilt-free spending with extra money that’s been accumulated.
As millennial marriages move toward managing their finances independently, they must keep in mind the fact that they are a team. Bills need to be split, and savings goals need to be equally tackled for a successful financial future.
Open lines of communication are essential with every aspect of a relationship, and money is a big part of the equation. Keeping separate bank accounts may make millennials feel more independent and free. But remember you are building a life together, so do your part, pull your weight, and communicate with your partner if you are having difficulty with this arrangement.