Sep 30, 2024
TV presenter and comedian Steve Harvey is perhaps best known as the host of the game show “Family Feud.” But over the years, the 67-year-old has diversified his media empire beyond games and into serious topics such as relationships, business and finance.
During an episode of the “Steve TV Show” in 2018, Harvey told the audience that he believes “every couple should have four bank accounts.” He recommends a joint checking account for household expenses, a joint savings account for combined investments and two individual accounts for each partner’s personal expenses.
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“You’ve got to have your own life,” he said.
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However, some financial experts disagree with this approach.
“The thinking behind this, I can understand, but the execution? Very wrong,” said George Kamel, co-host of “The Ramsey Show,” in a video on his YouTube channel.
He called Harvey “the hardest working mustache in show business,” but not the best source for financial advice. Here’s why Kamel shuns separate accounts.
Lack of transparency
Kamel’s biggest issue with separate bank accounts in relationships is the lack of transparency.
“Zero visibility into what your spouse is spending doesn’t get rid of your marriage problems. It just sweeps them under the rug for a little while,” he says. Eventually, this secrecy around finances could lead to “financial infidelity” and conflict, according to him.
A whopping 42% of adults who are either married or living with a partner admit to keeping financial secrets from their partner, according to a 2024 Bankrate survey. Roughly 28% of respondents also said that such secrets, or financial infidelity, was as bad as physical infidelity.
To avoid the issue, Kamel recommends having joint bank accounts and assigning individual spending budgets within that account.
“If you and your spouse disagree on how you’re spending your budget, instead of turning a blind eye to it and developing an eye-twitch every time they ask you to pick up almond milk at the store, actually have a real-life conversation about it like married adults,” he said.
However, this approach isn’t necessarily the norm. A reported 43% of U.S. couples have only joint bank accounts, according to Bankrate. While baby boomer couples are more likely to have exclusively joint accounts (49%), younger couples are less likely to completely share finances, as only 31% of millennial couples hold all joint accounts.
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But recent research suggests the “separate finances” trend could be leading to lower satisfaction in relationships.
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Sharing financial responsibility can be healthier
A study, entitled "Common Cents: Bank Account Structure and Couples' Relationship Dynamics," published in the Journal of Consumer Research followed engaged and recently-married couples for two years to track their level of happiness with joint accounts compared to those with separate accounts.
The data suggests a positive correlation between relationship satisfaction levels and merged finances. Put simply, couples with joint accounts were more satisfied with their relationship over the long term.
Given all the research on relationship satisfaction and financial infidelity, Kamel’s fully-transparent, fully-integrated approach might be better for couples who are seeking to build a solid foundation of communication around money. Though, Harvey’s approach accounts for each person’s natural need for individuality and autonomy when spending.
There will always be variation with what works from one couple to the next. But Kamel makes a point worth noting: “Accountability actually makes your marriage stronger, not worse.”
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
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