Joint Bank Accounts Are Declining. Here's What Modern Couples Are Doing Instead.

For decades, the joint bank account was a symbol of unity. But in 2023? Not so much.

According to recent data from Experian and the U.S. Census Bureau, couples today are less likely than ever to combine their finances.

In fact, the average number of joint credit accounts per couple has dropped steadily over the last decade, from 1.47 in 2014 to just 1.2 in 2023.

Younger couples are leading this shift:

• Gen Z: 0.91 joint accounts per couple

• Millennials: 1.01

So what's behind the decline?

Joint Accounts Are Fading. Autonomy Is In.

Today’s couples prioritize financial independence, digital flexibility, and clarity.

They still want to share the costs of life (rent, groceries, trips) but without giving up control or visibility.

The problem?

Most traditional tools force an all-or-nothing approach:

• Merge everything into one account (but lose autonomy)

• Keep it all separate (but send a million Venmo requests)

Neither feels quite right.

Mortgages Are the Exception, Not the Rule

It’s not that couples never open joint accounts. Mortgages still bring people together financially—71% of mortgage holders are couples.

But beyond home buying, couples are pulling away from joint debt and spending.

Why?

• Dual incomes help qualify for bigger mortgages

• But not every couple wants (or needs) to co-own every bill

Modern Couples Need Modern Tools

Enter: Smoov.

Smoov is a new kind of shared finance app designed for couples who want the benefits of syncing up without the baggage of a shared account.

With Smoov, you can:

• Share and track expenses automatically

• Avoid awkward money convos and constant paybacks

• Stay aligned on spending goals (no spreadsheet required)

You get the transparency of a joint account...without the legal and logistical entanglements.

The Bottom Line

Joint bank accounts might be going out of style. But financial teamwork never will.

If you're ready to skip the stress and keep things Smoov, there's a better way to share the costs of life, love, and lattes.

👉 Try Smoov today and discover the smarter way to manage money together.

No joint account needed.