Should Women Have Their Own Savings Account or Combine Finances with Their Partner?

Australian women are debating the importance of having your own independent savings account even if you’ve pooled finances with your partner. 

Many argue that it is essential to maintain individual financial independence within a relationship, while others believe in complete financial transparency and merge all their financial resources.

A member of the popular Facebook group, She’s on the Money, recently initiated a discussion by asking, ‘Is it important to have a personal savings account even when sharing an account with your significant other?’ The post garnered a myriad of responses from the group members.

Is it crucial to have a separate savings account within a relationship? Some individuals advocate for individual savings accounts while others endorse combining finances with their partner.

‘I personally think it’s crucial and super important for my financial independence and security, but am having trouble articulating why,’ she wrote. 

The penny-wise woman explained her partner earns much more than her and after experience with manipulative relationships she finds financial independence ‘super important’ for her ‘safety and security’. 

‘I’m hesitant to join our accounts because I wouldn’t be able to contribute the same or similar amount while also keeping some separate for myself outside of shared expenses and discretionary funds etc.,’ she added. 

Her post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is ‘necessary’ and a ‘great idea’. 

A Facebook post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is ‘necessary’ and a ‘great idea’

‘Women should always have a ‘just in case’ fund that nobody else can access or potentially even knows about. You just never know,’ one person wrote. 

‘I’ve always been told to have ‘running away money’. You can never predict the future, and I think having your own nest egg and financial independence is very important!’ another commented. 

Some said their money is completely merged with their spouse’s and shared the ways they keep their joint finances on track. 

‘To me, marriage is about being ‘all in’ and a team. So my husband and I share everything. We also don’t put limits on what we spend (although we discuss big purchases). We have kids so that plays a part as they are with our a doubt our biggest expenses,’ one mum said.

‘We’re the same as this but with no kids. Everything is joined and we have no ‘allowance’ each or limit on spending. It’s easy to track, everything is transparent, and it works for us!’ a second responded. 

Some said their money is completely merged with their spouse’s and the ways they keep their joint finances on track

One commenter pointed out in a de facto relationship, where you and your partner are living together without marriage, all assets are pooled regardless of separate accounts. 

‘It’s a good idea to keep it separate for security because then they can’t withdraw your money, but beyond this, if you are de facto, everything either of you own forms part of the asset pool in a split, even if it’s in individual names,’ she explained. 

‘So just know, it doesn’t really make too much of a difference for security/entitlement beyond the fact that they can’t drain your bank account and run off with it.’

Another who had been through a separation herself agreed saying independent savings accounts ‘mean nothing’ if a de facto relationship breaks up.  

‘In a financial separation/settlement, all assets get included no matter who the accounts belong to or who has contributed to them,’ she said.