× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Younger women are increasingly refusing to have joint bank accounts

By Mirror | July 22nd 2019
By Mirror | July 22nd 2019

The idea of a man as a provider to a stay-at-home mum are long gone, thankfully, but millions of couples still take out joint bank accounts.

While they can be useful for paying bills, even these are now being rejected by younger women keen to keep hold of their financial independence.

Some 31 per cent of women aged between 16 an 34 said they wouldn't share their finances with a significant other, research from money management firm Netwealth found, with nearly half of them saying it would compromise their financial independence.

That's compared with 26 per cent of women over 55.

Netwealth chief executive Charlotte Ransom said: "The traditional approach to managing finances jointly is being overturned by a new generation of financially more autonomous females."

Other top reasons for keeping money separate included women wanting to spend their money as they like, having a financial safety net in case of divorce and not thinking their partner has any claim on their assets.

Netwealth also found the better off the woman, the less likely she is to keep her monthly income and savings separate from her partner.

"With women increasingly entering marriage later in life, after years of earning their own income and controlling their own finances, it's unsurprising that many are turning their back on a 'what's mine is yours' approach," Ransom said.

Share this story
Dollar bonds fall after CS Rotich’s arrest
Bonds maturing in 2028, 2032 and 2048 slipped around 0.5 cents in the dollar, according to data by Tradeweb.
CS Najib Balala summoned over stalled project
There have been reports of cut-throat competition between agencies under the Ministry of Tourism.