![]() She urges women to “build your credit history when you are young.” Adding: “This means having bills registered in your name, using things like credit cards responsibly, and making sure you are building a history of making payments for things like phone plans, Klarna payments and gym memberships on time. Many women who become divorced in their late 30s and 40s have no credit history because they’ve never had a financial service or bill registered in their name.” Merging accounts also risks women losing the right to protect what’s theirs, especially if things turn sour.įinance manager at Yonder, Priscilla Low, warned GLAMOUR that there’s also other things at stake: “There’s a growing problem for women who allow their partners to manage their finances, disempowering them to learn about personal finance and make decisions in their best interest. This can include restricting access to money which would be particularly problematic for those who have only a joint bank account to their name. ![]() One in six women in the UK has experienced financial abuse by a current or former partner, according to charity Surviving Economic Abuse (SEA). On the other hand, I know for many other women, there’s tremendous risk involved by merging their money with a spouse. Whereas, I’d not have that issue if we had a joint account. In the UK, it’s illegal to withdraw money from any bank account that belongs to somebody who has died, even if I’m the power of attorney and his wife, I’d still have to apply for a grant of probate which could take months. I know that if anything happened to him, I’d struggle to pay the bills without his account access. I’d be lying if I said that our choice didn’t leave me worrying about things. Perhaps if we’d had a joint bank account things wouldn’t have felt so divided. While there was never any issue from him and he always wanted me to have what I needed, this felt like a new low. ![]() Suddenly I had no income of my own (I’m freelance, I got a minimal statutory pay) and once my savings were eaten up, I felt like a child asking for pocket money. It wasn’t until I went on maternity leave in 2021, however, that my feelings towards having a joint bank account changed. ![]()
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