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Cohabitees keep their financial distance

Brits are treading warily with their finances when they decide to cohabit with a new partner, new research from online bank first direct has revealed. The findings show that for the majority, financial commitment is not on the agenda with couples keeping their distance in their money and property arrangements.


The survey of 1924 UK adults reveals that amongst those living together or those who have previously lived as a couple, the majority did not unite their finances with their partner. Only 1 in 5 couples decided to unify their money and control all their finances from a joint account.


Research by first direct in 2006 found that just 26% of people thought it was important for couples to keep their finances separate within a relationship suggesting that the trend of couples keeping their financial distance has grown over the last five years.


This latest round of research also found that many couples did not fully commit in their property arrangements when moving in together. Just 30% of couples rented with both names on the lease, and only 18% bought together with both names on the mortgage, leaving the majority (52%) who lived in a property rented or bought with only one partner's name registered.


Additionally, less than a third of couples paid the deposit on their first property jointly through savings and 14% paid it together but with one partner paying more than the other. Around 37% say that one partner put down the whole deposit. Despite this, 97% of people did not sign a pre-nuptial agreement.

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