Affairs of marriage goes beyond what meet the eyes ranging from struggles and challenges that differs from one couple to another. Over time I have always mentioned one of the major elements that ensures the continuity of any form of relationship which is trust, a fruit of mutual understanding among people. When it comes to marriage, the significant of trust can never be overemphasized, since it is the foundation of which every other thing is built.
Speaking of usage of joint account among couples, this practice has been in existence for decades at least among educated couples. The basis of joint account is quite simple, based on my own understanding of joint account I believe it involves creating a bank account that holds the funds of both couples for the sake of the family. In this account both parties are entitled to have equal access to it and they also determine the percentage each party will be depositing in the account either on daily, weekly or monthly basis depending on the earning structure of both parties.
This account allows each party to withdraw money from it at each end, like an account with two owners. The rate at which this account is funded comes in various ways and methods, just like I said it depends on the couples. As we all know the spending habit of individuals differs which can have effect on the conditions of the joint account, for instance a couple can decide that only the wife or husband can be able to withdraw from the account but in most cases both parties usually have the right to withdraw from the account.
From the experience I have had with couples having a joint account I would say it is a good thing for the family. For instance my aunty and her husband have a joint account which majority of us are aware of, the reason is that whenever money is requested from her during family meetings she would tell us that she needs to consult with her husband first, which is kind of weird but this has prevented her from spending unnecessary or probably an excuse not to spend at all. The benefit of this joint account goes beyond just that, my aunt and her husband where able to have a united front when it comes making financial related decisions as a result of this they were able to use money from this joint account to invest in a lot businesses, just like they say "Two heads are better than one".
Apart from this they also used some funds from this joint account to fund the account of their children when they were still kids. This allowed those children to have funds set aside for their future without being aware of it existence. In a way they have secured a less stressful future for their children, I mean by the time those kids become adult, they would already have millions in their account and if they are able to make good use of the funds in their account they wouldn't have to start from scratch like most children of their age. They already have a capital to find their dreams, this kind of account is called trust fund account in developed countries.
The benefits goes on and on but then I have also heard from people cautioning others not to ever venture into joint account, it makes me wonder why it is not working out for other people because from the example I just sited, it seems like a perfect idea to me. Probably there are other variables that needs to be considered before venturing into creating joint account with your spouse, which are:
Lack of trust and understanding
I mentioned earlier that trust is the foundation of building any form of relationship but it is not so for everyone, there are some couples who find it difficult to trust each other especially when it comes to matters of finances. They are always doubting each others intentions and actions probably because what one of them have done in the past or because they just find it extremely difficult to trust each other with money. I mean people can really start acting funny when money is involved but then it makes me wonder if you can't trust your partner with your finances, then what is the point of your marriage?
Financial illiteracy
We all know that our knowledge about finances are not equal, this also applies to couples. There are some couples that are uneducated which might influence their perspective concerning joint account or probably one party is educated and the other is not, we all know how that could create fear. I mean who would want to trust an uneducated partner with a joint account but then, I have also witnessed couples who are uneducated make smart decision about there finances, it all comes down to the ability of both parties in understanding each other, the fact that your partner is uneducated doesn't mean he/she is incapable of thinking.
Family pressure
This might sound funny but I know of some families or tribes that undermines the role of a woman in a marriage. I know of a family that the wife is not allowed to make any decisions about the family affairs which is as a result of her in-laws that believes she has no right to do so. Even if the husband is against such unfair treatment, in most cases the husband might not say anything in order not to anger his family whereas watching his wife being maltreated. Apart from this there are some ill advises that can originate from one's family that can make a person detest the idea of a joint account, I remember how members of our family tried talking my aunt out of having a joint account with her husband but she did it anyway and it worked out perfectly for her.
In conclusion
I'm of the opinion that usage of joint account can foster financial stability among couples but it all depends on the level of trust and understanding among the couples, not all marriage is built on trust which kind of dictates if the idea of joint account would work or not. This is not a financial advice for couples but for any couples out there thinking of venturing into having a joint account, I believe the question you need to ask yourself is, is our relationship built on trust? if yes, you are good to go but if not, then having a joint account might not be a good idea because money has a way of bringing the worst out of people.
This write-up was inspired by weekly engagement contest in hive naija community.</sub