The decline of joint accounts: are couples choosing financial independence?

How couples manage money in the UK is changing, and joint bank accounts are becoming far less common than they once were.

At IE Hub, our data showed a clear shift between 2022 and 2024. In early 2022, almost one in four users had a joint account. By April 2024, that number had fallen to under 10 percent. At the same time, the number of people using only single accounts increased from around 75 percent to 90 percent.

So what’s behind this change, and what does it tell us about how people think about money today?

For a long time, joint accounts were seen as a natural step in a relationship. Moving in together often meant putting money together too.

But recent research suggests many couples now see things differently. Studies show that almost half of UK adults think joint accounts feel outdated, especially younger people. Rather than fully combining finances, many couples prefer to keep money separate or partially shared.

Across Europe, fully joint finances are now much less common, with most couples choosing either separate accounts or a mix of shared and individual money. This matches what we continue to see at IE Hub, where joint accounts are now the exception rather than the norm.

Keeping money separate does not mean couples are avoiding shared responsibility. In many cases, it’s the opposite.

Lots of couples now use a simple system. They agree how much each person will contribute to shared costs like rent, bills, or food, while keeping the rest of their money in their own account. This can make spending feel fairer and easier to manage, especially if incomes are different.

Research also shows that couples who talk openly about money earlier tend to feel more confident managing finances this way. Clear conversations often matter more than the type of account being used.

There are a few bigger shifts happening in the background.

People are getting married later and living independently for longer, which means personal money habits are already established. Dual income households are also more common, reducing the need to put everything into one shared account.

There is also a stronger focus on fairness and personal control. For some people, separate finances feel more balanced and less stressful. Others see financial independence as a way to protect themselves while still being fully committed to their relationship.

Interestingly, research suggests that couples who use a mix of shared and separate accounts often report strong relationship satisfaction. This shows there is no single “right” way to manage money as a couple.

Not completely, but they are no longer the default choice.

What the data shows is that couples are becoming more intentional about how they manage money. Instead of following tradition, they are choosing systems that fit their lives, values, and circumstances.

The decline in joint accounts does not mean couples are less connected. In many cases, it reflects better communication, clearer boundaries, and a desire for financial clarity.

At IE Hub, this trend highlights why flexible financial tools matter. People need options that support both shared responsibilities and individual control, because modern relationships don’t all look the same.