This is according to a survey by NerdWallet, which also found despite preferring to keep their money separate, new couples still felt it was important they knew everything about their partner’s finances before moving in together.
The price comparison site found only 63% of couples surveyed wanted to keep most of their finances separate, with 36% happy to have a joint bank account for shared outgoings only. What’s more, 27% said they would rather have no joint account at all.
However, three quarters (76%) felt it was important to have complete transparency about their partner’s money matters before buying a home together.
And 76% thought it was important to have a declaration of trust in place if one person was putting in more money into a house deposit than the other.
In addition to making sure they are prepared for any potential civil break-ups, 80% believed considering the financial implications of a break up was important.
Where one partner was contributing more to the mortgage or rent than the other, 41% said they would be happy to still split and pay the bills equally compared to 29% who would expect the lower contributor to pay a bigger share of the bills.
An additional 15% expected the lower contributor to do more of the house chores, and 9% said they would expect to be treated to being taken out more regularly and for the lower contributor to pay.
Richard Eagling, senior personal finance expert at NerdWallet, said: “With a joint mortgage being the biggest financial commitment most couples will enter together, it’s encouraging to see that young couples are prioritising transparency and practicality when managing their finances.
“By being open and honest about their finances, couples can start to understand any challenges that they may face with a mortgage application, and take steps to avoid suffering any property heartache.”
You can see the full survey findings here.
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