According to a recent survey, only 43% of couples have joint bank accounts. What gives?
I get it, money can be a touchy subject, but let's be real here. When you're in a committed relationship, it's only natural to want to share everything, including your finances.
Studies have shown that couples who combine their bank, credit card, and investment accounts are happier in the long run and hold more wealth...but why is that exactly?
Because, as we know, younger generations value their financial autonomy equally as much as transparency when it comes to finances. So it's a bit counterintuitive that combining your finances could actually lead to a better relationship. But in a world where people are uncomfortable with talking about money, sometimes just providing access to the information in a transparent way allows for peace of mind for both partners and eliminates the need to talk about it as much.
Prior to Smoov, there wasn't a better way for both partners to feel informed and be on the same page when it comes to splitting expenses.
Financial autonomy is important because you want to be in control of your own coin. We want to maintain our sense of independence, am I right? Plus, if you're already making bank and have your own nest egg, it can be hard to give up that sense of security and independence. After all, what if things in the relationship go south?
But here's the thing, keeping your finances separate can cause all sorts of headaches. You have to constantly communicate and manually split expenses, which can be a major pain in the you know what. Take Nate, for example, a bartender from Brooklyn who told the WSJ he hasn’t made the move to share a bank account with his live-in partner yet. Every month, Nate and his partner have to engage in a lengthy conversation about their accounts and shared expenses. People like Nate and I are sick of having to manually split everything up.
That's where Smoov comes in. What we’re building is truly a game changer for couples. With Smoov, you can automatically split your shared finances and keep track of your expenses all in one place without the pressure and implications of opening a shared account. No more Venmoing back and forth, no more awkward conversations about who paid for what. It's like having a personal finance manager for your relationship.
Look, I'm not saying that every couple should jump in and combine their finances. It's a personal choice that you and your partner need to make together. But if you're tired of the hassle of keeping your finances separate while still trying to maintain some financial equity in your relationship, then Smoov is literally built for you.
By automating your shared finances, Smoov allows couples to instead focus on what really matters—their relationship.
So, let's break down those financial barriers and start living our best lives together!
Until next time Smoovers. Take it easy and keep it Smoov.