participants had separate bank accounts at the outset, but one group of couples was randomly asked to keep separate accounts while a second was told to open a joint account with their partners. a third group was allowed to make the decision for themselves.
researchers found that couples who were instructed to open a joint account reported significantly higher relationship quality at the end of the study than those who maintained separate accounts. according to olson, those who merged their money experienced a greater sense of transparency, goal alignment and communal understanding of matrimony.
“a communal relationship is one where partners respond to each other’s needs because there’s a need. ‘i want to help you because you need it. i’m not keeping track,’” she said. “there’s a ‘we’ perspective, which we theorized would be related to a joint bank account.”
those with separate accounts, on the other hand, tended to view financial moves as more transactional in nature. “it’s ‘i help you because you’re going to help me later,’” olson said. “they’re prepaying for later favours and that’s tit-for-tat, which we see a bit more with separate accounts. it’s ‘i’ve got the netflix bill and you pay the doctor.’ … they’re not working together like those with joint accounts — who have the same pool of money — and that’s more common in business-type relationships.”
research conducted at the samuel curtis johnson graduate school of management at cornell university also came to the same conclusion. the
study, published in the journal of personality and social psychology, found couples that pool their finances were more likely to have stable, positive interactions with each other, indicating a better connection. the results were strongest for low-income households.
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