Prior to marriage, individuals have complete control, access to and allocation of their income. Once a family nucleus is formed, different ways emerged whereby money is managed in the household. Some families maintained separate control, taking turns to foot common bills; some have minimally a joint-expenses account, whereby both spouses contribute equally. In some countries such as Japan and even China, wives hold the purse strings traditionally, on the other extreme.
Joint-investment portfolio
I don’t deny that financial independence, as a person and individual, remains very important. By financial independence here, I mean the freedom to spend your income, to a certain degree. My spouse and I have our own salary crediting account and savings account. From a family nucleus perspective, I am of the view that family with common financial goals should tackle them together. Whether it is for kids’ education, buying your first or second properties, even for...