WASHINGTON–The number of married couples in the U.S. who keep separate bank accounts has increased significantly over the last 30 years, according to new Census data.
The U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) found three key trends:
- A quarter of couples have no joint accounts: The share of married couples without any joint bank accounts rose from 15% in 1996 to 23% in 2023.
- Joint-only accounts are declining: The number of couples with only joint accounts dropped from 53% in 1996 to just 40% in 2023.
- The hybrid approach is growing: In the same period, the share of couples with a mix of joint and separate accounts increased from 9% to 17%.
Potential Reasons for the Shift
According to analysts, a number of social and financial factors are contributing to the rise of separate bank accounts, including:
- Marrying later in life. “As couples marry at an older age, they have often already established their careers, savings, and financial routines. This makes them more likely to maintain their existing financial independence.”
- Desire for autonomy. “Many people prefer the independence and privacy of having their own money. Separate accounts allow partners to spend or save without having to justify every purchase to their spouse, which can reduce conflict over spending differences.”
- Managing debt. “If one partner enters the marriage with significant debt, keeping separate accounts can protect the other spouse from creditors and prevent liability for pre-existing debts.”
- Second marriages: “For individuals entering a second marriage, especially if children from a previous relationship are involved, separate accounts can simplify financial matters.”
- Worst-case scenario protection. “While difficult to consider, maintaining separate accounts can offer financial protection in the event of a separation or divorce.”
