America’s approach to marriage and money is undergoing a quiet generational shift. Millennials are increasingly likely to keep separate bank accounts, even after saying “I do.”
New Census data reveals a sharp decline in the share of married couples who maintain joint bank accounts. In 2000, 62% of couples used only joint accounts. By 2023, that share had plunged -32 percentage points to just 30%. Meanwhile, the share of couples with no joint accounts nearly doubled from 13% to 23%. Another 27% now fall in between, using a mix of joint and separate accounts.
One reason for the shift toward separate bank accounts is that couples now marry at older ages, typically after establishing their own financial footing. In 2000, the median age at first marriage was 26.8 for men and 25.1 for women. By 2025, those ages had risen to 30.8 and 28.4, respectively. That’s an increase of more than three years.
This shift shows up clearly in the Census data. Among women who married in their early 20s, 47% rely solely on joint accounts. But for those who married at age 35 or older, that share falls to just 25%, a 22 percentage point difference.
Another factor is the long-term rise of dual-earning households, which has reduced the financial dependence that once made joint accounts the norm. And here comes the Millennial risk-aversion. A generation that considers a low credit score a dating red flag may be hesitant to give open access to their hard-earned money, even to their dearly beloved. (See: “Millennials Keep Financial Secrets From Their Partners.”) Of course, if sharing a bank account feels impossible, the relationship may have challenges that go beyond finances.