Creating a budget and controlling spending is a fundamental aspect of personal financial well-being.
But when it comes to couples, these habits become even more important. Financial disagreements rank among the top causes of relationship strain and even divorce, making effective money management extremely important in maintaining long-term stability and harmony within a partnership. is emphasized.
However, the days of traditional gender roles defining financial responsibilities in relationships are over. Instead, couples today are taking an innovative approach that prioritizes cooperation, transparency, and autonomy, with each person taking an active role in managing their finances.
The rise of shared financial platforms and apps Tandem It reflects society’s changing attitudes towards money and relationships.
“Nearly 70% of the most active couples are female-led, with the woman downloading the app first and inviting her partner to the app,” Tandem Co-Founder Michelle Winterfield told PYMNTS, adding, “Times are different and women want and should be equitably involved in the finances of their relationships.”
The subscription-based app, which launched in August 2023 and recently secured $3.7 million in seed raises, is designed for couples, whether they have joint or separate accounts and want to manage them. You can coordinate your financial services, save together, and plan for your financial milestones. Manage their finances jointly or individually.
“Tandem is not your typical financial planning app. We are reimagining the flow of money throughout the household and centering the experience on how couples can participate in a fair and transparent way.” Dan CouvereurThe Tandem co-founder added:
According to the company’s data, tandem couples have shared more than $65 million in combined expenses since the platform’s launch, with the top expenses being rent and mortgage payments, Amazon shopping, and Uber rides. This includes shopping at popular brands like , Trader Joe’s, Target, and Costco. And Whole Foods.
Winterfield also noted that the most common milestones Gen Z and Millennial couples save on apps are weddings, home-related expenses (purchases, furniture, renovations, etc.), starting a family, and vacations. He also emphasized the following. On average, she said, couples budget between $5,000 and $20,000 for these goals.
Last year, fintech companies partnered and prize, giving couples options to increase purchasing power for everyday expenses. When you choose to shop with Princeout’s selection of over 1,300 brands, users can receive up to a 20% bonus in lieu of direct cash-out.
“We built Tandem to create a better option for couples who share their finances: a frictionless, transparent solution, and one that ultimately rewards them,” Couvereur said at the time. said.
Adapt to the relationship timeline
Looking to the future, the shared financial management environment is poised to grow, reflecting broader societal changes toward collaboration, transparency, and fair participation.
This evolution promises further progress, enabling us to handle financial complexities more smoothly while fostering stronger and more resilient partnerships in the process.
However, changing marital timelines are causing couples to marry later in life, creating challenges in achieving financial milestones compared to previous generations.
“By delaying marriage, many couples struggle to reach financial milestones at the ages that previous generations did, because they lack the financial incentive and the incentive to combine assets.” explained Winterfield.
This is a challenge that Tandem aims to address by supporting couples throughout the entire relationship journey.
“Our goal is to provide couples with a platform that fosters transparency and fair engagement for both parties,” she said. “Through in-app experiences, the team will leverage data-driven insights to optimize couples’ suite of financial products.”