Why couples should share their finances – to a point

+ elephants call each other by name – how scientists found out US Edition - Today's top story: How much do you need to know about how your spouse spends money? Maybe less than you think [View in browser]( US Edition | 16 June 2024 [The Conversation] [The Conversation]( Happy Sunday − and welcome to the best of The Conversation U.S. Here are a few of our recently published stories: - [An homage to the dad joke, one of the great traditions of fatherhood]( - [What Frederick Douglass learned from an Irish anti-slavery activist: ‘Agitate, agitate, agitate’]( My fiancée and I recently opened our first joint checking account. It was quite a milestone in our relationship, since both of us prize our financial independence, but we felt it was important to help us manage our spending together and ensure transparency and equality. It was time to think in terms of “our money.” And it seems the [research backs us up](: “By turning ‘my money’ and ‘your money’ into ‘our money,’ a joint account can help to reduce scorekeeping within a relationship,” University of Michigan marketing professor Scott Rick writes, citing data from a survey of committed couples he conducted with colleagues. “Couples that manage to stave off a tit-for-tat mindset tend to be happier.” Younger couples, however, are increasingly opting out of the joint account idea and keeping their finances separate. That may not be entirely a bad thing, Rick explains in one of last week’s most engaging articles. That’s because “complete transparency can be harmful for couples.” He suggests couples pursue both strategies: Joint finances to encourage equal access to “our money,” but keep those separate accounts to allow some level of privacy, autonomy and individuality in purchases. We hadn’t read his article, but that’s pretty much what my partner and I decided to do. As Rick notes, it helps “strike the right balance between financial and psychological well-being.” One last note: we’re in the middle of our end-of-fiscal-year fundraiser. If you haven’t given already, [we’d truly appreciate your support]( to help us close the year in the black. Thank you. Bryan Keogh Managing Editor Readers' picks [How much do you need to know about how your spouse spends money? 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