Should couples have joint bank accounts?

Might I be totally out of touch with this?  Am I being old fashioned and out of date?  Should couples have joint bank accounts?  I think so but it seems others might disagree.

A few people have surprised me over the years by letting it slip that they don’t have a joint bank account.  Nowadays I wonder if it is increasingly common for couples to keep their finances separated. If so, I think that’s a step backwards.

A quick Google search to ask the question “should couples have joint bank accounts?” leads to articles pointing in both directions.  Some say it is better to avoid joint accounts, especially if one half has debts, or is not very good at managing money.  Others say it is good, saying it is all part of a committed relationship.

Perhaps for some, particularly cohabiting couples, finance can be a tricky area.  One half might earn much more than the other or have a bigger credit card debt.  The other half might have a car on some kind of finance, while the other doesn’t even have a driving licence.  Who pays the rent?  Whose name(s) go onto the housing paperwork?  On the other hand, it might be said by some cohabiting couples that sharing finances might be a step too far; after all, if they’re not getting married, why should they combine their finances?

Even over the last couple of weeks, we came to meet a married Christian couple who said they have separate bank accounts.  I don’t know what was behind this, perhaps circumstance, cultural, convenience  or some other reason.  Nevertheless it surprised me.

Does keeping money separate suggest a lack of commitment?  Would keeping money separate be a good way of avoiding squabbles?

And ourselves?

We have joint bank accounts, we always have, right from the point we were engaged and in the process of buying our home.  It seemed the only way to do things.

I have always believed that our money is shared money and our resources belong equally to us.  Just because I was the main bread winner (mostly), I never thought I was contributing anymore to the household than Rachel was.  Our money was for us both – as simple as that.

However, there are a few exceptions.  You can’t have a joint ISA or pension plan, or hold premium bonds in joint names.  Nevertheless, even though something might be in my name, I consider it really belongs to us both, equally.

The only exception is pocket money.  We each have our own pocket money accounts which are fed by a small standing order.  What we do with this money is entirely up to us individually to decide.  This is also handy when it comes to paying for birthday presents!

Am I out of step with our society?

Perhaps I am.  Perhaps I am a little old fashioned and sharing bank accounts is a bit quaint and something which is of yesteryear?

And yet my instinct tells me couples, especially married couples, should have joint bank accounts.  This is not just because they pool all of their money, as far as is practical to do, but it shows commitment to each other.

It is also a prompt to start talking about money, what the long term goals are, how the money will be spent, given away or saved and so on.  It is through those conversations that agreements can be found.  Surely this is most important, to have a meeting of minds on money?

Conversely, everyone knows that finances can put huge strains on relationships, married or otherwise.  Couples can squabble about what money is spent on this or that and it can get out of hand.  I don’t think this is the preserve of people who have little money in the first place; even affluent couples can argue about money.

So I maybe out of step with modern society but it doesn’t necessarily mean that I’m wrong.  Just because there’s some new thinking or trend, that doesn’t mean it’s right.

What do you think, am I out of step?