Ella Ding doesn't mess around when it comes to love or money. As part of a new partnership with banking app Up, the MAFS star reveals she recently decided to "pop the question" to new partner Guy Palermo.
No, not THAT question. Ella has asked Guy to commit — a bit, which means they're going to start sharing their finances without committing permanently to a joint bank account.
"We can take on the world but if our relationship goes sour, closing down the account is just a couple of taps away," she said of Up's new offering, 2Up.
While plenty of millennial couples are happy to share a bed, a home and (hopefully) chores, there's a high level of reluctance when it comes to sharing a bank account.
A whopping 93% of Aussie Gen Z and millennials in relationships share expenses such as food and bills with their other half, but only 26% of them have a joint bank account, according to a YouGov survey of over 1,000 people. The main reason respondents gave for not wanting to share cash in an official way is loss of freedom, both personally and financially.
Having partnered with Up, Ella revealed she and Guy want to commit to each other without signing their lives away, so they're taking the plunge and sharing their finances with the help of 2Up.
According to Up, the account is a way for partners to share some money without overcommitting; it lets you pay shared bills, see who's spending what and share common saving goals, all while keeping your personal accounts separate.
There's a shared transaction account, personal debit cards and the chance to open multiple shared saving accounts so you can stick to a saving plan for specific items. Another big plus — it has no monthly fees.
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