The 'yours, mine and ours' school of budgeting

In comparison, 36 percent of Gen Xers and 33 percent of millennials completely combine their finances with their spouse or partner, while 24 percent and 32 percent, respectively, keep their finances completely separate. So although financial arrangements are a pretty mixed bag, the “yours, mine and ours” approach leads the way.

Baby boomers (ages 60 to 78) are the most likely generation to fully combine their finances with their spouse or partner (44 percent). A mix of joint and separate accounts is close behind (40 percent), with only 16 percent opting for the completely separate approach.

Gen Zers (ages 18 to 27), by contrast, are the most likely to keep their money completely separate from their spouse or partner (38 percent). Some 34 percent of Gen Zers in live-in romantic relationships fully combine their finances, while 28 percent have a mix of joint and separate accounts.

Adding all of the generations together, 39 percent of U.S. adults who are married or living with a partner completely combine their finances, 38 percent have a mix of joint and separate accounts and 24 percent keep their finances entirely separate.

Does how much you make affect how you manage your money?

Slicing by income, “yours, mine and ours” is the most common approach for couples in all but the lowest income bracket (those earning less than $50,000 per year). Among that group, “yours, mine and ours” is a distant third, but in every other income range ($50,000 to $79,999, $80,000 to $99,999 and $100,000+), “yours, mine and ours” came in slightly ahead of fully joint accounts, with complete financial separation a distant third.

The bottom line

While every couple should make its own decisions, I think there’s a lot to like about the “yours, mine and ours” approach. Money is one of the biggest sources of conflict in relationships, and carving out some funds that are entirely yours can give you a greater sense of autonomy and limit resentment.

Whatever you decide, make sure you and your partner agree upon the framework. Aim to schedule occasional money dates to check in on your progress toward short- and long-term financial goals.

Methodology

Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,233 U.S. adults, of whom 1,124 were married or living with a partner at the time of the survey. The fieldwork was undertaken December 18-20, 2023. The survey was carried out online and meets rigorous quality standards. The figures have been weighted to be representative of the entire U.S adult population 18 years and older.

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