The trend: Friends are creating joint bank accounts for shared experiences and financial goals—a trend inspired by TikTok creator Mad Machen, per NBC News.

The details: Gen Zers prioritize paying for experiences over many of their other financial goals. Friends are using joint accounts to save for shared expenses like group trips.

These shared accounts can all have their own unique rules, but some groups contribute set amounts per accountholder on a recurring basis. Others have gamified their savings, like adding money when accountholders break certain rules.

The risks: While the goal is to have more stress-free fun together where friends don’t have to figure out who owes money for activities or meals, they can also cause tension. If one friend loses their job or falls out of friendship with the other(s), there can be confusion around how the remaining funds are split.

Why this matters for banks: This emerging trend signals a key shift in consumer behavior among younger, experience-focused customers, which presents both a market opportunity and a product development imperative. 

There’s customer demand for shared savings tools that simplify group spending and reinforce social bonds, moving beyond the traditional household-only joint account. To capitalize on this, banks could offer a safer, next-generation product like a dedicated group savings fund. This solution would allow friends to collaboratively save, track contributions, and spend for a shared goal (like a trip) while legally protecting all participants by clearly defining individual ownership and liability.