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A quarter of people in relationships confess to using their joint account to pay for a purchase they didn’t tell their partner about, according to a report.
Research from digital bank Monzo has found that almost a third of people (32 per cent) bought clothes for themselves on their joint account, with a fifth (20 per cent) buying gifts for their partners.
A further fifth (19 per cent) said they had bought drinks at the pub, a survey of 2,000 adults for the bank found, and a further quarter (23 per cent) had bought a takeaway.
Generally, money in a joint account belongs to anyone who is named on the account, so one person can choose to withdraw cash, or spend on the account’s card.
There is an exception if you have a “two to sign” set up, where you both usually need to be present to access the money, though this is rare.
This is why financial experts often warn to follow safeguards when using one, such as avoiding keeping large amounts of money in them.
Research from Monzo has previously found that financial compatibility is a struggle for many, with over four million people in the UK saying that they think their partner has an unhealthy relationship with money, and one in seven (13 per cent) even ending a relationship due to financial issues.
Paul Brunson, a love expert at Monzo, known for appearing on TV show Married at First Sight, said poor communication was a “stumbling block in many relationships”.
“Talking about money can be difficult and awkward, however, it’s really important to be honest – because fibbing can cause a load of other issues,” he said.
Martin Lewis’s MoneySavingExpert.com website tells consumers that if they have problems with their relationship and are concerned about the money in their joint account, “it could be an idea to inform the bank”.
“It will then usually place a freeze on the account until you can both be present to collectively decide what to do with the money,” it explains.
