On Valentine's Day: Only 21% of Couples Use Joint Bank Accounts in Austria

The love of money outweighs the passion, as only 21% of the Austrian Erste bank's married customers have a joint bank account.

The bank said, in a study published today on the occasion of Valentine's Day, that income and assets are usually communicated openly between spouses, but daily financial matters often remain a private matter.

The bank explained in its study that nearly 94% of Austrians know how much income their partner earns, yet a joint account remains the exception, and that young people between the ages of 18 and 29 in particular prefer a mix of joint and individual accounts.

It explained that especially on Valentine's Day, the issue of money in marital relationships is of greater importance, as there is no other issue more important to both parties than financial transparency, noting that anyone who decides to open a joint account cannot carry out any transactions without the consent of both parties, which is considered an impractical solution, to some extent, for everyday life, as card payments and cash withdrawals are also affected.

On the other hand, Americans spent $14.6 billion on  partners on Valentine's Day, and a statement from the National Retail Federation said that while consumers may not be feeling good about the economy in general, they still feel fully prepared to spend on what is important to them.