Martin Lewis has issued more advice to Brits (Image: ITV)
Martin Lewis has advised Brits of a hidden risk. The MoneySavingExpert founder suggested that, as regards couples organising their accounts, something far less obvious can go unnoticed. Couples tend to manage money in different ways, Mr Lewis explained. Some, particularly older couples, use a single joint account for everything, while many younger partners prefer separate accounts alongside a shared one for bills.
He added in a video on TikTok: “That’s less relevant than, is one person making all the decisions, got it all stored in their head.” The real concern, the expert said, comes down to what he called the “three Ds.” “I’m sorry, it doesn’t sound that nice, are the three Ds, death, divorce, and dementia,” Mr Lewis said.
These situations can leave one partner suddenly responsible for finances they may not fully understand, adding stress at an already difficult time, the specialist advised.
To avoid this, he urged couples to make sure both partners are prepared to take over if needed.
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@martinlewismseIn your relationship, does one of you do all the money stuff? Just a snippet from the new ‘Martin Lewis Podcast’ episode on car finance misselling, joint account and economic abuse, do listen on BBC Sounds, Apple, Spotify & all the usual pod players
He suggested that one thing should be done: creating a financial fact sheet, including a clear list of all important financial information, such as bank accounts, bills, and providers.
“A nice, long list of all the different financial products and others, gas and electricity provider, breakdown provider, and more,” Mr explained, adding that it should be stored somewhere safe that both partners can access.
He warned against including sensitive information, which could cause issues if accessed by someone else.
Mr Lewis also advised that partners should regularly talk about money, even if one person usually takes the lead.
“Every two or three months or so, have a family kitchen table financial meeting,” he said.
This allows the partner who manages the finances to explain decisions, share knowledge and ensure both people feel confident stepping in if circumstances change.
A spokesperson for financial advice site Assistance for Single Mothers said: “What Martin Lewis is highlighting is a gap in awareness rather than a lack of effort.
“Many couples naturally fall into roles, but financial knowledge should never sit with just one person.”
They added: “Having a clear overview of your finances and regular conversations about money creates continuity.
“It means that if something unexpected happens, decisions don’t have to be made in confusion or panic. Instead, both people already have the understanding they need to take control.”