Women less willing to open joint accounts

11 June 2003
Women are more reluctant than men to open joint bank accounts, according to the latest figures from Abbey National.

The research shows that most women prefer to keep their income to themselves. Nearly half (46 per cent) of female respondents without a joint bank account would never consider getting one, while less than a third of men in the same position (31 per cent) would completely rule it out.

The study also revealed that women are more likely than men to keep an eye on their partner's spending, with 57 per cent of women with a joint bank account, compared with less than half (48 per cent) of male joint account holders, admitting that they pore over their statements to monitor their partner's outgoings.

Joint bank accounts are still very popular. More than two fifths (41 per cent) of the UK population shares a current account and Abbey National's research found that more than two thirds (69 per cent) of married people, nine per cent of singletons, seven per cent of people separated from their partners and two per cent of divorcees have a joint account.

Most people (64 per cent) said that they did not want a joint bank account because they like to keep their income to themselves, 25 per cent would not trust their partner to use the account sensibly, nearly three fifths (57 per cent) worry about what would happen if the relationship didn't work out and nearly half (48 per cent) think that it would lead to arguments.

Simon Chrisp, Head of Banking Marketing at Abbey National commented, 'Joint current accounts are very popular and they can be a very convenient way for people who are living together to manage their money.

'Couples may also benefit by earning more interest if they pool their resources. Having two salaries paid into an account can also help safeguard against becoming overdrawn.

'However, people are right to be cautious about getting a joint account, and as both account holders are jointly liable for any debt incurred on the account, getting a joint account shouldn't be taken lightly.'