June 1, 2025
To learn how {couples} navigate fnances and extra, in August/September 2024 SoFi surveyed 600 adults.
When {couples} get married, managing cash is usually a problem. Who makes the choices and pays the payments? Must you merge your cash or preserve it separate? How do you deal with debt? To learn how {couples} navigate these tough points and extra, in August/September 2024 SoFi surveyed 600 adults who’ve been married lower than one 12 months about how they method funds of their relationship.
Our findings recommend that the majority newlyweds talk early and sometimes about monetary points, are comparatively in sync relating to saving and spending, and merge at the least a few of their cash. Nonetheless, in addition they prize their independence: The bulk keep separate financial institution accounts, have pre-nuptial or post-nuptual agreements, and a few even preserve monetary secrets and techniques from their accomplice.
Key Findings
Some highlights of SoFi’s 2024 Love and Cash survey of lately married {couples} embody:
- 82% preserve at the least a few of their cash separate from their spouses.
- 62% have a joint checking account.
- 36% have a pre-nuptial settlement and 21% have a post-nuptial settlement.
- 72% put one accomplice in command of day-to-day cash administration.
- 22% preserve monetary secrets and techniques from their partner.
- 40% of {couples} are nonetheless paying off wedding ceremony debt.
Managing Cash: Yours, Mine, or Ours?
Must you merge your cash after marriage or preserve at the least a few of it separate? There’s no one-size-fits-all answer. Any set-up can work so long as the strains of communication keep open. Right here’s what at present’s newlyweds are doing in keeping with SoFi’s survey.
42% Have Each Joint and Particular person Financial institution Accounts
As a sensible matter, joint financial institution accounts could make sense after marriage, because it’s usually simpler to handle family bills with a shared account. Joint accounts additionally allow monetary transparency. However most survey respondents additionally need to keep their monetary autonomy.
Whereas 20% have merged all their funds into one joint account, almost 40% keep solely particular person accounts. The preferred possibility (chosen by 42%) is a hybrid method: having each joint and particular person accounts.
How does the hybrid method work? One possibility is to have revenue go immediately into the joint account for shared bills, then arrange a month-to-month switch into every accomplice’s private account. Or, you may need revenue go into your private accounts then every make a month-to-month switch into the joint account, for family payments and shared bills. Your contribution might be the identical or proportional based mostly on revenue.
72% Put One Companion in Cost of On a regular basis Cash Administration
It is probably not romantic, however in some unspecified time in the future newlyweds want to find out who’s going to maintain observe of and pay all the family payments. Some divide and conquer, whereas others elect one accomplice to cope with the {dollars}. Both possibility can work—the hot button is to have a system in place so payments don’t fall via the cracks.
Most respondents to SoFi’s survey (72%) have one CFO (chief monetary officer) of their marriage, whereas 28% share cash administration duties. Extra particularly:
57% Have a Prenuptial or Postnuptial Settlement
A rising variety of {couples} are signing authorized contracts that spell out how monetary property will probably be dealt with within the occasion of a divorce: Prenups which are signed earlier than marriage, and postnups which are signed after a pair walks down the aisle. SoFi’s latest survey of soon-to-be-married {couples} discovered that 14% had been contemplating a prenup. On this survey, a full 36% of respondents mentioned they’ve a prenuptial settlement, whereas 21% have a postnuptial contract. One other 6% are contemplating one in all these contracts.
Transparency and Communication
Efficient communication and belief are the constructing blocks of any profitable partnership. Luckily, most {couples} in our survey speak continuously and actually about cash. That mentioned, some companions are holding key monetary info again.
91% Discuss With Their Partner About Cash at Least Month-to-month
Typically, speaking about funds is a precedence for {couples} in SoFi’s survey. A couple of third of {couples} in our ballot speak to their companions about cash month-to-month, whereas 45% focus on cash weekly, and 15% converse about monetary matters biweekly.
However Some Topics Might Be Off-Limits: 22% Hold Monetary Secrets and techniques From Their Partner
Whereas establishing monetary boundaries in a wedding is wholesome, hiding or mendacity about monetary points can result in cash fights and breed distrust over time. The excellent news is most {couples} we polled appear to be heading in the right direction—almost 80% mentioned they hardly ever or by no means preserve cash secrets and techniques from their partner.
Nonetheless, there’s some trigger for concern: Roughly 1 in 4 lately married adults report that they often or typically preserve cash secrets and techniques from their important different.
Spending Cash After Marriage
{Couples} at present usually comprehend it’s vital to be on the identical web page relating to spending vs. saving and sensible to arrange a family finances. Nonetheless, many companions don’t relish the concept of getting their mates micromanage their private spending.
37% of Companions Spend With out Consulting Their Partner
There are a selection of how to handle discretionary (aka, enjoyable) spending in a wedding. Some {couples} let every accomplice spend nonetheless they need, whereas keeping track of the general finances. Others select to seek the advice of one another on all nonessential purchases (or purchases above a sure worth level). A 3rd possibility is to allot a set sum of money to every accomplice that they will spend nonetheless they like. You agree on the quantity, however not the way it’s spent.
When requested how they and their partner deal with discretionary spending, SoFi respondents mentioned:
55% Are Very Snug With Their Companion’s Spending
Adults typically come into marriage with completely different cash mindsets—for instance, you is perhaps a saver, whereas your partner likes to spend, spend, spend. These attitudes and habits are sometimes shaped throughout childhood based mostly on how our households dealt with cash and the way a lot monetary safety we had rising up.
How do our {couples} align? Greater than half of respondents (55%) are utterly comfy with their accomplice’s spending habits, and 36% are considerably comfy. Nonetheless, 10% did admit to some reservations about their partner’s spending: 7% are considerably uncomfortable with it, and three% are very uncomfortable.
43% of Newlyweds Want They Had Spent Extra on Their Marriage ceremony
Weddings are notoriously costly (averaging round $33,000). So it’s not stunning most respondents took on debt to pay for his or her large day. What’s: A full 43% mentioned they need that they’d spent extra on their large day. Round 30% mentioned they might spend much less, and 31% would spend the identical.
Dealing With Debt
Managing debt typically turns into extra sophisticated—and dearer—with marriage. Many companions enter right into a relationship owing cash for issues like bank cards, pupil loans, or automotive funds. {Couples} could then tackle extra debt collectively, whether or not it’s to pay for his or her wedding ceremony or purchase a automotive or a house. Right here’s how newlyweds are managing their particular person and shared money owed.
40% Are Nonetheless Paying Off Marriage ceremony Debt
Roughly 4 in 10 survey contributors are within the strategy of repaying the debt they incurred from their wedding ceremony. The excellent news is that many {couples} pay all of it off throughout the first 12 months of marriage. Amongst newlyweds polled:
65% Work as a Staff to Pay Off Pre-Present Debt
In the case of particular person money owed, SoFi’s Love and Cash survey means that newlywed {couples} are usually upfront with one another about what they owe. Three-quarters of respondents mentioned they informed their accomplice about all their debt earlier than they obtained married, and 19% partially disclosed their debt particulars. Solely 6% saved mum about their excellent balances.
Right here’s how our ballot respondents are dealing with prior debt:
58% Took Out Loans With Their Companion Earlier than Marriage—and Most Plan to Borrow Even Extra Cash
Practically 60% of respondents had joint loans with their companions earlier than they tied the knot—particularly private loans (28%), automotive loans (26%), and mortgages (25%). And 84% are planning to take out extra collectively within the close to future.
Planning for a Safe Monetary Future
Though they’ve been married for lower than a 12 months, the vast majority of respondents in SoFi’s Love and Cash survey are already wanting forward and dealing on saving for the long run.
65% Have a Shared Emergency Fund
Monetary advisors usually advise {couples} to maintain at the least six months’ price of mixed residing bills in a separate checking account, like a high-yield financial savings account, for surprising prices. With none type of cushion, a monetary set again (like a serious residence or automotive restore or lack of revenue) might pressure you to run up costly debt that would take months, even years, to get out from below.
Newlyweds have largely gotten the message: Over half (65%) have already arrange a shared emergency financial savings fund, whereas 21% are within the course of of making one. Solely 14% of the {couples} in SoFi’s survey haven’t but established an emergency fund.
When you’re unsure for those who and your accomplice have sufficient funds put aside for a wet day, an internet emergency fund calculator that will help you crunch the numbers.
37% Have Mentioned Planning for Retirement in Element
In line with one guideline referred to as the 80% rule, {couples} ought to purpose to exchange 80% of their revenue yearly after they retire. Contemplating that retirement can final 30 years or extra, this will add as much as a major sum. One method to get there’s to begin early—this enables your cash to develop via compounding (when your returns earn returns of their very own).
Luckily, many {couples} acknowledge the worth of getting a jumpstart on retirement planning: Forty p.c of newly married {couples} in our ballot have had transient discussions about planning for retirement, and 37% have mentioned the difficulty intimately. The remaining 23% say they haven’t mentioned it but.
2 out of three Newlyweds Share the Identical Danger Funding Danger Tolerance
Many {couples} make investments cash for long-term targets (like retirement or a toddler’s future school training), whether or not that’s via a 401(okay), a person retirement account (IRA), or a brokerage account. Nonetheless, they aren’t at all times on the identical web page relating to balancing danger versus potential reward with their investments.
How aligned had been the {couples} in our survey? Most (67%) consider their danger tolerance is much like
their accomplice’s, whereas 27% say their urge for food for danger is completely different than their partner’s. Six p.c aren’t positive.
Speaking to your accomplice about funding targets and the methods to realize them can assist you identify the place every of you stand on danger tolerance. From there, you possibly can work out a method to bridge any variations.
Widespread Cash Challenges Newlyweds Face
Once we requested survey respondents to inform us in regards to the largest monetary problem they and their accomplice are going through, that is what they informed us:
- Paying off debt: Bank card debt and mortgage funds are considerations that got here up repeatedly.
- Excellent pupil loans: Quite a few respondents cited pupil mortgage debt particularly as a serious fear.
- Saving cash: There isn’t a lot left to save lots of after all of the payments are paid, survey contributors informed us. “We simply don’t earn sufficient,” one mentioned, summing up a frustration felt by many.
- Value of residing: Excessive housing prices and the rising value of residing total are making it arduous for {couples} to get by. We heard comparable considerations from our soon-to-be-married {couples}.
- Affording a automotive: Making an attempt to make automotive funds—or incomes sufficient to qualify for a automotive mortgage—is difficult, individuals reported.
- Value of well being care: Medical bills and paying for well being care had been issues cited by numerous survey takers. “Rising well being care prices are a burden,” a respondent mentioned.
The Takeaway
In line with SoFi’s 2024 Love and Cash survey, {couples} who’ve been married for lower than a 12 months usually work as a staff to cope with monetary points and work towards their future targets. They have an inclination to speak about cash continuously, largely approve of one another’s spending habits, and plenty of have mentioned saving for retirement.
But on the identical time, they cherish their monetary independence. The bulk preserve at the least a few of their cash separate, have prenuptial or postnuptial agreements with their companions, and part off a few of their revenue to spend as they please.
{Couples} additionally face numerous monetary challenges, together with paying off debt and at present’s excessive value of residing. For a lot of, placing cash within the financial institution for his or her future targets is a battle, but in addition a precedence. Selecting the best checking account is usually a step in the correct path.
Concerning the Survey
SoFi’s Love and Cash Survey was carried out Aug. 16—Sept. 1, 2024, and included 600 U.S. adults aged 18+ who’ve been married lower than one 12 months.
Percentages had been rounded to the closest entire quantity so some percentages could not add as much as 100%.
This story was produced by SoFi and reviewed and distributed by Stacker.
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