Mutual Love and Money: Home | News Release | Regional Statistics 
WHAT'S MINE IS MINE
The old adage 'what's mine is yours' has become a distant memory, with financially independent relationships becoming a way of life for many.
New research from Skipton Building Society, which explores the pressures on modern relationships, reveals that financial worries are causing fiscal distance between partners - with one in five (21%) people, who are either married or co-habiting, opting to keep their finances separate from their other half, and one in 10 (9%) saying that having joint finances is 'risky'.
Only a third of today's couples (36%) have a joint savings account, whilst a similar number (32%) have a joint credit card - all of which signals the end of the 'for richer, for poorer' sentiment.
Reasons for this self-reliant approach to love and money appear to point to a lack of trust within relationships, with more than half (52%) having argued about their finances. A quarter (24%) of married or co-habiting people have rowed with their partner over their lack of responsibility with money and one in seven (14%) about their partner living beyond their means.
Arguably, another factor in the desire for co-habiting couples to keep finances separate is the lack of legal and financial rights for unwedded partners - which could potentially leave them facing a financial nightmare if their relationship ends. Ring-fencing finances for some could be due to 24% worrying that they'd lose their home if they split up, whilst 22% worry their debts would increase and 20% that it would be difficult to decide who got what on breaking up.
This research coincides with a current review by the Law Commission into the legal and financial rights of co-habiting couples to give them similar privileges to married couples - but on a less generous scale.
And it seems a change in law would be welcomed by many - nearly three quarters (72%) of people living with their partner think such a law should be introduced, and nearly a half (49%) that it would make the system fairer. Their married counterparts, however, are not as much in favour - 41% think it would undermine the sanctity of marriage, and 21% think it would create a law where there is no need for one.
Jennifer Holloway, head of media relations at Skipton, said, "M ore unmarried people are living together than ever before, but while couples' enthusiasm for setting up home is growing, their willingness to share their finances doesn't seem to be keeping pace. This lack of trust is somewhat understandable though when you consider that more than half of people have argued with their partner about money.
"What we're trying to do is to get couples talking about their finances before any trouble brews, and educate them about exactly what their rights are, to try and help them make their partnership as strong as possible. In fact, by discussing things like money and property from the outset and doing things like making a will or writing a 'living together agreement', many people find their trust grows and their relationship is even better."
To try and help couples navigate the implications of sharing their finances, Skipton has today launched a new website at www.love-and-money.co.uk, which tackles the common law myth and encourages couples - whether married, in a civil partnership or co-habiting - to take a pro-active approach to their finances.
ENDS
For further information, please contact:
Lisa Pearson Band & Brown Communications
020 7419 6934 - lisa.pearson@bbpr.com or
Eleanor Kestenbaum, Band & Brown Communications
020 7419 7315 - eleanor@bbpr.com
Editor's Notes
- Skipton is the UK 's seventh largest building society, with a national presence represented by its 84 branches, covering the country from Aberdeen to Plymouth . An innovator in the field of mortgage and investment products, the Society stands apart from its counterparts as the parent to 17 subsidiary companies, many of which operate in the financial market.
- The research was undertaken online by YouGov between 30 th June and 3 rd July 2006 , amongst a sample group of 697 married and 502 co-habiting individuals. Results are unweighted. YouGov is a member of the British Polling Council.
- Reasons for people not wanting to get married:
- It costs too much - 22%
- We think of ourselves as independent people - 11%
- We don't want to get married - 27%
- The financial implications are off-putting - 10%
- We don't believe in marriage - 10%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.