A new trend in the field of financial management can be observed in Czech households – more and more couples prefer separate finances instead of a joint account. A similar approach, which is especially popular among young couples, brings with it a stronger feeling of freedom and independence, according to experts. Up to 80% of today’s young couples prefer a system where everyone in the couple has their own account and manages their personal money according to their own needs.
The model can also be practical in the case of unexpected life situations, for example when one of the partners dies. If only one of them manages the finances, the other can remain without access to the money until the estate is settled. And in the case of unmarried partners, the survivor may not get the money at all, although in such a case, of course, who was the owner and who was only the holder of the joint account plays a major role.
Segregated finances eliminate this problem because everyone is in control of their funds. The time when it was common for only one of the partners to manage the finances in the family seems to be a thing of the past. Many couples also choose a three-account model – each has their own account for personal needs, and the couple keeps a third account in addition to which they both contribute and use it to cover expenses for utilities, fees or food, for example. Such an approach seems to be perhaps the best middle ground, as both partners retain a degree of independence, but also share living expenses fairly between them.
Economist Petr Studnička further mentions that financial self-sufficiency is usually at the top of the list of priorities among young people, even to such an extent that partners often do not even share all information about their income and expenses. A fifth of people even hide their monthly income from their partner.
Of course, this is not always the case. For example, one of the women interviewed said that she is happily married and that she and her husband have a joint account, which makes it easier for them to manage their finances. Psychologist Petr Šobra adds that a joint account can be a symbol of trust and security in a relationship when partners are willing to share their resources and, figuratively and literally, plan a joint future.
According to experts, a key factor in the issue of financial management is communication between partners. In other words, it is above all fundamentally important that the partners talk openly about their expectations and needs and then set up a system that suits them accordingly.
Source: zpravy.tiscali.cz
