Guest Post: Current Cash Going to Waste on Couples

Tommi From http://blowincheese.com/was kind enough to write a guest post for us! The writer is from across the giant Pond! Even though he uses pounds and not dollars the same information still applies.

Take it away Tommi!

Here in the UK, couples who don’t pool their cash by opening a joint account could be missing out on earning higher interest rates.

New research by Lloyds TSB found that more than a quarter of couples don’t have a joint account, despite being able to bring better returns if they did.

Of the 28% of couples who don’t have joint current accounts,

39% said it’s either because they don’t trust their partners to spend responsibly or they don’t want their partners to know how much they earn or how they spend their money.

Of those that do have joint accounts, most decided to do so because:

It’s more practical
It helps with the management of household bills and expenses
They believe in the notion of what’s mine is yours and think that couples should share their money
It helps to save money in savings accounts, by discouraging depending on luxuries

I know where I’m taking the misses on Saturday. And it’s not shoe-shopping!

Written by

robin@brokefamily.com