80% of Couples Opt for Shared Bank Accounts: The rising prices of rent, food, and other necessities have made it harder for families across the United States to manage their money well. This is especially true since, as of June, 61% of Americans were living paycheck to paycheck. No matter the type of home they live in, everyone is feeling the effects of these rising prices, including families and individuals.
PYMNTS Intelligence looked more closely at the spending habits of people living in different types of homes in the “Household Finances Deep Dive Edition” of the New Reality Check: The Paycheck-to-Paycheck Report. They did this by surveying over 4,600 U.S. customers.
80% of Couples Opt for Shared Bank Accounts to Simplify Finances
Researchers from LendingClub worked together on the study and found that there is a link between family size, stage of life, and financial living. For example, people who lived with a partner or husband had less trouble with money than people who lived with friends or roommates.
Also, people who live in bigger homes, especially those with kids who depend on them, tend to have more money problems. Families with young children were 12% more likely to live from paycheck to paycheck, which shows that having a family comes with extra financial burdens.
The study also found that people are sharing living costs as a way to deal with these problems, even if they don’t completely pool their money. Notably, people who live with partners or spouses are most likely to combine their funds. According to PYMNTS Intelligence data, 87% of those people regularly share financial information and 76% have joint bank accounts.
Kids who live with their parents also have financial ties to them; 45% of parents share financial information with their kids and 34% let their kids use a shared account.
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Cost control for households
According to the study, 74% of people who live with friends or housemates split their utility or housing bills. Following this were 46% of people who live with a partner or spouse and 51% of people who live with their parents or siblings.
Additionally, people often take money from family or friends to make ends meet. This happens most often with parents or brothers (47% of people) and friends or roommates (44% of people).
Also, our research shows that 31% of customers got money from a family member or friend in the last year. Following those who live with parents or siblings, 51% of Gen Z buyers are in line with this trend. Four4% of people who live in cities and 44% of people who live paycheck to paycheck are also more likely to get this kind of cash help.
A smaller percentage (17%), on the other hand, got money from people outside their family. People in this group who live with friends or roommates (36% of the sample) and members of Gen Z (30%) are more likely to get money from outside sources.
To sum up, consumers must learn to control their spending and change their spending habits in order to deal with the problems that rising prices and inflation cause. The importance of making a budget, saving money, and sharing the cost of life cannot be stressed enough in these tough times. No matter how big or small their family is, these strategies give customers the power to improve their financial health and ease the stress of living from paycheck to paycheck.
