Make sure you are ready before opening joint bank accounts

It may seem like a good idea at the time, but all too often couples who set up joint bank accounts end up regretting the decision.

Figures recently compiled by Roy Morgan Research showed that more people are establishing a combined account across Australia, with 22 per cent of survey respondents not having access to any other finances at all.

A further 19 per cent said they keep their own personal account open while also pouring funds into a shared pot, National Features reports.

However, some relationships inevitably fall on rocky times and this causes all sorts of problems when attempting to keep a firm grip on your finances.

Executive director at ING Direct – which recently won a number of accolades at the Mozo People's Choice Awards – Brett Morgan believes people need to put more thought into the consequences of opening a joint account before they take the plunge.

"One in five people don't want joint accounts because they are worried how their partner is going to use the money, or they can't control their spending," he was quoted as saying.

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