Men are less fussy than women about who sees their spending habits, a new survey shows and when it comes to opening a joint bank account, fewer men than women object outright.

Joint bank accounts can be a very convenient way of co-managing money, especially for couples. They are particularly useful for dealing with household bills and if both people pay their salaries into the account they will earn more interest and it could minimise the chances of becoming overdrawn by accident.

Women are more reluctant than men to open a joint bank account, largely because they like to keep all their income to themselves, according to the research published by Abbey National today. Nearly half (46%) of women without a joint bank account would never consider getting one, while less than a third of men in the same position (31%) completely write off the idea.

Women are also more likely than men to keep an eye on their partner’s spending, with nearly two thirds (57%) of women with a joint bank account, compared with less than half (48%) of male joint account holders, admitting that they pore over their statements to monitor their partner’s out-goings.

Despite some people’s reservations, joint bank accounts are still very popular, with more than two fifths (41%) of the population sharing a current account. Abbey National’s research shows that more than two thirds (69%) of married people, nearly a tenth (9%) of singletons, less than a tenth (7%) of people separated from their partners and 2% of divorcees have a joint account.

Care required

However, given that joint bank account holders are jointly liable for any debt on the account, people should consider the question of getting one very carefully.

Nearly two thirds (64%) of people who do not want a joint bank account say it’s because they like to keep their income to themselves, a quarter (25%) would not trust their partner to use the account sensibly, nearly three fifths (57%) worry about what would happen if the relationship didn’t work out and nearly half (48%) think that it would lead to arguments.

How people share

The majority of people with a joint account (58%) share one with their partner, with both parties paying all their money into the account. A third (33%) of people with a joint account share one with their partner, but only use it for household bills and just 2% of people share a joint account with their flatmates to pay household bills.

Just over half (55%) of people without a joint bank account thought that their spending habits would be unaffected if they got one. Just under a third (32%) thought they would moderate their spending but just over a tenth (12%) thought they would be less careful with their money if there were two salaries going into the account.

Simon Chrisp, Head of Banking Marketing at Abbey National said:

“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.”