Sharing all finances is no longer the norm for married couples, according to new data from the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP).
The share of couples without any joint bank accounts rose by more than half, from 15% in 1996 to 23% in 2023.
Marrying later – when finances are already established – may explain why fewer couples are merging accounts.
While still common, the share of spouses with joint bank accounts also declined.
In 2023, 77% of householder married couples who owned any assets at financial institutions — such as checking, savings, money market or certificate of deposit accounts — held at least one type of account jointly with their spouse, down from 85% in 1996 (Figure 1).
In the SIPP, a “householder” is a person in a household who owns or rents the housing unit and is named on the deed or lease.
SIPP is a nationally representative, longitudinal survey that tracks income, employment, household composition and government program participation.
Among couples with joint accounts, a growing share also used individual accounts.
In 1996, just over half (53%) of couples held all their bank accounts jointly, compared to only 40% in 2023.
During the same period, the share of couples with both joint and separate accounts rose from 9% to 17%.
Couples with a mix of joint and solo accounts made up about half (49%) of all joint account holders in 2023, up from 37% in 1996.
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