A Third of Irish Couples Still Aren’t Comfortable Discussing Finances With Their Partner

Data from Revolut has revealed that active use of its joint accounts more than doubled in 2024. This comes as a new study highlighted that a third of Irish people still aren’t comfortable discussing money with their partners, whereas those that do believe it contributes to a healthier relationship.

The survey, conducted by market research company Dynata, asked a random sample of 1,000 consumers across Ireland — with the findings representative of people from every county.

What’s mine is yours

Nevertheless, romance isn’t dead this Valentine’s Day, as nearly two in five Irish couples agreed that “maximum transparency”, i.e. a joint bank account, is the best way to manage their expenses.

Revolut’s joint account holders tended to be younger, too, with couples aged 25-34 representing more than a third of this group, while approximately 20% were aged 35-44.

In terms of spending, ‘Groceries’, ‘Restaurants’, and ‘Shopping’ are the top three budget categories where Irish couples’ money is going, suggesting that the weekly food shop or splitting the bill after a dinner date is a common practice among joint account holders.

Do life together with Revolut’s joint accounts

Use of Revolut’s joint accounts also more than doubled at a global level in 2024, as more customers strived towards better financial transparency with their partners. This comes as Revolut launches a special edition Valentine’s Day card for its many joint account holders.

Josh Moloney, Product Owner of Joint Accounts at Revolut, commented: “There is no right or wrong way for couples to approach their finances, but the consensus seems to be that most individuals want to be open and honest with their partner when it comes to money. Joint accounts are a great way of opening the conversation about financial goals, spending habits and long-term financial planning, and they are growing in popularity with Revolut customers.

“Revolut’s ‘one app, all things money’ approach to people’s finances helps to create financial transparency between partners. Despite a third of Irish consumers still feeling uneasy about having discussions about money with their other half, a growing majority of people are — and we’re seeing this first-hand through the increased use of our joint account product in Ireland.”

Revolut’s tips to boost financial transparency

1. Have regular money check-ins

Schedule monthly or quarterly check-ins with your partner to discuss your budget, savings, and financial goals. Consistent communication keeps both partners aligned.

2. Create a shared budget or joint account

Work together on a budget that reflects both your outcomes and expenses. They are not for everyone, but you could consider a joint account to manage shared costs and keep things organised and equitable.

3. Discuss the role of money in your relationship

Beyond the numbers, talk about how you both view money. What does financial security mean to you? Are there any financial habits from childhood that affect your approach to money now? Understanding these differences early can help reduce tension down the line.

4. Be transparent about big financial decisions

For large expenses, like purchasing a car, taking out a loan or making an investment, always consult your partner before making any irreversible decisions. These major decisions should be mutual to avoid one partner feeling burdened.

5. Share your financial strengths and weaknesses

Be open about areas where you may need support or improvement. Maybe one partner is great at saving, but the other is better at investing. Understanding each other’s strengths will help you work together more effectively to achieve your financial goals.

In 2024, Revolut Bank’s Irish branch was recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and provider of the ‘Best Current Account’, while the RepTrak® 2024 study also ranked it the 9th most highly regarded organisation in the country.

For more information, visit: www.revolut.com/en-IE