Generational shift in joining finances
Baby boomers and generation Y couples are on opposite sides of the spectrum when it comes to joining finances, according to finder.com.au.
The comparison website's survey found one in three couples insisted on keeping separate bank accounts, with 40 per cent of women in relationships refusing to merge money compared to 32 per cent of men.
Finder's consumer advocate, Bessie Hassan, said baby boomers were likely to have shared accounts with just over half having a shared bank account.
"Generation Y were the least likely age group, with 29 per cent having a shared account," she said.
"Generation X were most likely to hedge their bets by having joint and separate accounts at 30 per cent."
The survey said 26 per cent of Australian couples were found to have both personal and shared bank accounts.
"There are advantages to joint accounts, such as minimising fees and ease of budgeting. But first, it's important to consider if you both have similar views on money management as it can be a huge cause of tension between couples," Hassan said.
"When you have a shared bank account, the most important criteria is that you have a honest and transparent use of the money. That means no nasty surprises and less conflict."
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
