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With Valentine’s Day fast approaching, you may be thinking about what to get that special someone in your life to show them how much you care. And chances are if you’re planning to buy them something you’ll probably be withdrawing the cash from your own bank account, rather than one you share.

Our latest research* reveals that more than half of couples both have their own individual account – even if they also share one with their partner. In fact, nearly two-thirds of couples told us that at least one of them had held on to their personal account.

Young people were the least likely to have a joint account they share with their partner. More than a quarter of the 18 to 34-year-olds we spoke to said that rather than have a joint account, they and their partner had kept their own. Meanwhile, those aged 55 and over – who probably got married and set up home when they were younger than today’s 20-somethings – were the most likely to share an account.

Shared lives, shared finances

When you share your life with someone, you often share many of your financial commitments too. This doesn’t just include splitting the bill for groceries, but also contributing to the rent or mortgage and all the household bills. If you have kids together, there are even more expenses you will share.

Sometimes budgeting everything can feel like you’re juggling plates – particularly when you’re sharing the cost of living with your partner and want to be sure you both make an even contribution. Relying on two separate bank accounts can make this difficult. For instance, you may think your partner has got the money to pay a bill and so not budget for it in your own spending, only to find they don’t have the necessary funds and can’t afford to pay it. If you have a joint account, you both know exactly how much money you have available for these shared expenses.

Of course, you might enjoy the financial independence of keeping your own personal account too, and there’s no reason you shouldn’t do this and have a joint account. You could arrange to have yours and your partner’s contributions for any household expenses paid into the joint account each month, so you know you’re free to spend or save the remainder in your personal account.

Easy budgeting

thinkmoney offers both single and joint accounts to customers. Both come with the same great ring-fencing function that makes budgeting easy.

When your salary or benefits go into your account, the money you need for your essential outgoings like rent/mortgage, bills and debt repayments will be held here, while the money you have leftover will be transferred to your card account for you to spend. This means you know your bills are always covered. Fees are payable for the accounts, as they are looked after by expert Money Managers who make sure everything to do with your account runs smoothly.

If you want to show your loved one how committed you are this Valentine’s Day, asking them what they think about opening a joint account could be a great way of letting them know how invested you are in your relationship.

*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 28th November and 2nd December 2013.

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