New data from financial app Revolut shows 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 are not comfortable discussing money with their partners, whereas those that do believe it contributes to a healthier relationship.
Revolut has more than 3 million customers in Ireland.
Its new survey, conducted by market research company Dynata, asked a random sample of 1,000 consumers across Ireland about their banking relationships.
It found that nearly two in five Irish couples agreed that “maximum transparency” – a joint bank account – is the best way to manage their expenses.
Revolut’s joint account holders tended to be younger, with couples aged 25-34 representing more than a third of this group, while about 20% were aged 35-44.
In terms of spending, “groceries”, “restaurants” and “shopping” were the top three budget categories where Irish couples’ money is going, which Revolut said suggests that the weekly food shop or splitting the bill after a dinner date is a common practice among joint account holders.
As well as Ireland, the sample also included more than 20,000 people representative of the local population aged over 18 in 21 countries – Austria, Belgium, Bulgaria, Croatia, Czechia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Switzerland and the UK.
Josh Moloney, Product Owner of Joint Accounts at Revolut, said 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.
“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,” he added.
