Lloyds TSB has released new figures that show while nearly three quarters (72 per cent) of couples do have a joint bank account, over a quarter choose not to join forces financially despite the fact that in doing so, they could make their money work harder for them.
Of those couples who don’t have a joint bank account, two in five (39 per cent) say they either “don’t trust their partner to spend responsibly” or “don’t want their partner knowing what they earn or spend their money on”.
Those couples who do have a joint bank account say they have one for practical reasons – 90 per cent say it helps them manage household bills and expenses, while 88 per cent also think that as a couple they should share money. Over half (55 per cent) say it helps them to save money together.
Catherine McGrath, director of current accounts at Lloyds TSB said; “In these testing financial times, it’s never been more important to make your money work as hard as it can for you. But, up until now, there has been no real financial incentive for couples to pool their current account cash. The Lloyds TSB Vantage account has changed this. It is the only fee free current account on the high street which pays up to 5 per cent credit interest on balances up to £7,000, making Vantage ideal for joint accounts, where two incomes are going in each month.”
Interestingly, whilst two in five couples have some reservations when it comes to sharing their money with their partners, 90 per cent say they would happily “share information on their debts”.
However, it appears these reservations come second to an opportunity to make more money, as nearly half (46 per cent) of those without a joint current account, say they would get one if they could earn a better rate of interest.
Phillip Hodson, a Fellow of the British Association for Counselling and Psychotherapy, comments: “I think some couples get married with their fingers crossed when it comes to that bit about ‘endowing thee with all my worldly goods’ and they want to keep enough cash for themselves to escape if necessary.”
About Lloyds TSB:
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB offer a full range of financial services including savings and investments, insurance and fee free current accounts. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065.
Research was conducted by ICM between 5-7 September 2008 online with 584 married or cohabiting couples.
Via EPR Network
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