Almost a quarter (22%) of couples in the UK who got together over the past 12 to 18 months fast-tracked typical relationship milestones because of lockdown restrictions, new research has revealed.
Within the first four weeks of a relationship, 19% shared spending more quickly, with 24% pooling food and drink costs, 14% sharing their supermarket spend, and 9% combining TV and music subscriptions.
It found that 21% moved in together faster as a result of lockdown, while 17% bought a dog or cat together more quickly than usual. Meanwhile, 14% started or started to plan for a family faster; 11% decided to get married and 9% got engaged sooner than they would have done if they were dating in ‘normal’ times.
Commenting on the research, Annie Thorpe, editor at MoneyMagpie, said: “This ‘spirit of the Blitz’ is taking over relationships in COVID UK, where what we’re calling ‘turbo coupled’ adults are chipping in more quickly, showing a real Dunkirk spirit when it comes to spending. Relationships are less about one person paying for another as sharing everything from the start. This has to say something good about equality!”.
Should you manage your money jointly?
Planning your finances together can be fraught with problems at the start of a serious relationship, particularly if you have different attitudes to saving and spending.
Before you manage your money together:
- Talk openly about your financial situations and discuss how you plan to share money to avoid argument over money in future.
- Make sure you both understand your shared financial responsibilities so that if one of you fell ill or was unable to manage money, the other could cope with your joint financial affairs.
- You could start by opening a joint account for shared expenses, such as bills, to make budgeting easier, while keeping your own bank account and finances in your control.
- Think carefully before sharing your finances if your partner has a poor credit history as this will impact on your own credit score – for example, if you were to apply for a joint bank account.
For advice and guidance on joint finances, visit the Money Advice Service.
Find out more about our thoughts on splitting the bills 50/50 with your partner.
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