Fewer than half of UK couples share current accounts
Nationwide Building Society reveals its research into how couples manage their day to day money. With only around 10% of the couples Nationwide surveyed claiming to have changed their current account recently, Nationwide is reminding customers to use life's key milestones as triggers to review their financial arrangements.
When it comes to finance the research reveals that there is a disparity between what people ‘say' and actually ‘do'. When asked what they expect most from a relationship, unsurprisingly, couples say that honesty (43%) and trust (32%) are the most important. However, over half (53%) do not pay their salaries into a joint bank account and nearly a quarter (22%) have accounts that their partners know nothing about.
John Crossley, head of current accounts at Nationwide, said: "It may seem surprising that, in this day and age, most couples are not pooling resources in a joint current account and appear to be keeping accounts secret from one another. This could be a deliberate attempt to hide their financial affairs from their partners, or more likely, symptomatic of a lack of financial organisation. As we move into new stages in our lives we should be taking the opportunity to re-organise our finances, shop around to look at new accounts which may better suit our new lifestyles and close those we no longer need".
Nearly half of the couples interviewed agreed that getting married (44%) and moving in with a partner (32%) was a key time to review their current account arrangements. Despite this, nearly half (41%) said they had never changed their current account and when asked why they stay with it, 88% say they set it up years ago and have either never thought to change it or say they're still happy with it.
John Crossley said: "It's understandable that people don't want the perceived hassle of changing their current account, but as we go through life, our financial needs change. Without regular financial reviews, we run the risk of living with a potentially costly and outdated current account which no longer serves our needs.
"Switching to a new current account provider is so easy these days. All we need is your name, sort code and account number and we'll do the rest for you, within 10 days".
64% of couples surveyed said they don't expect additional services or products for free when they take out a financial product. In fact, the current account market has changed significantly over the last few years and many products now offer free benefits and special offers as standard. Those who do not regularly review their current account could be missing out on money saving extras.
For example, main Nationwide FlexAccount customers currently receive:
Free European Annual travel Insurance
Flexclusive Saver savings account offering 2.25% gross p.a./AER variable rate guaranteed to be 1.75% above the Bank of England base rate until 1 January 2013
Our lowest personal loan rate - currently 6.5% APR representative for loans of £7,500 - £14,999 for up to five years
Exclusive mortgage deals
Our best home insurance deal - four months worth of free home insurance when new buildings and contents is purchased together. Deal ends 4 September 2011.