Personal finance expert Martin Lewis has issued a warning to couples who share a joint bank account, urging them to ensure both partners are involved in financial decisions. Speaking on his podcast, Lewis highlighted the dangers of having one person act as the sole 'financial controller' in a relationship.
Lewis explained that the risks stem from what he called the 'three Ds': death, divorce, and dementia. 'If one person makes all the decisions and stores everything in their head, the other could be left unprepared if something happens,' he said. He advised couples to create a financial fact sheet listing all accounts, bills, and providers, and to hold regular 'kitchen table' meetings to keep both partners informed.
Matthew Parden, CEO of money management app Marygold & Co, added that joint accounts can affect credit files. 'If there's an overdraft or the account exceeds its limit, it can impact both people's credit scores,' he said. Parden also warned that money in a joint account legally belongs to both parties, meaning one person could withdraw all funds without consent.
Despite the risks, joint accounts offer benefits such as transparency for shared bills and mortgage payments. Lewis emphasised that the key is communication: 'Make sure you both take decisions and are tooled up to take over if needed.'
