In my financial coaching practice, I’ve noticed a trendy lately. I’m encountering more and more married couples who are financial roommates. This means they’re keeping their finances completely separate.
It’s not my imagination either. According to a recent study of the money habits of millennials by Bank of America, 28% of millennial couples say they keep their finances completely separate. Only 11% of Gen Xers and 13% of Baby Boomers keep their money separate from their spouse.
When I ask these financial roommate couples why they don’t merge their money, I get a variety of responses:
My husband is irresponsible with money and I don’t want him wasting mine.
My wife brought a lot of student loan into the marriage and it’s her responsibility to pay it back, not mine.
We got married in our 30’s and are used to managing our own money, so it’s just easier this way.
My ex-wife burned through most of our money before the divorce, and I don’t ever want to go through that again.