I’m shocked how many people know nothing about their finances

[SENDChaos]

I came across a thread on here earlier which made me look at the section and I’m absolutely gobsmacked at some of the things I’ve seen on here, especially in relation to joint finances

DH and I are admittedly bad at tracking and sharing our finances. Neither of us could give figures for total assets held or what percentage of income we spend on specific expenses. I wouldn't be able to tell you immediately my total income, or his, it changes annually and comes from different sources.
I'd like to track it more, and there probably is more leakage as a result, but it doesn't mean we're ending up with no money and are scrimping. We have decent amounts invested and I keep an eye on my own assets and I know DH has a healthy amount, but I don't know exactly how much.
I am confident that he's not in lots of secret debt and hasn't been spending it all, if anything he's far too restrained when it comes to spending.
It is spread across two countries and numerous accounts and assets so it's hard to keep track of everything. It would be nice to have a better overview but other things take priority. And things are ticking away pretty well without us having to do that anyway. We're both knowledgeable about tax, pension and investment issues (learned through general reading, I don't think it's necessary to be taught in schools as all the information is available online and gets outdated quickly), and both of us are numerate with STEM postgrad degrees. I just find it can work to have a more vague approach than exact figures and a sensible approach, at least we seem to be doing fine regardless.

@Fogpeggy I agree that it's not necessary to have eyes on every penny but one thing I would ensure is that there is oversight somewhere if where all the money is and a rough estimate. The question ask yourself periodically is if I was to have an accident tomorrow could my OH be able to find all my accounts and which are the crucial ones to be able to get access too?

We like to think that if anything was to happen to us we would have warning and we could get things in order before hand but anything can happen. A few years ago my mum fell down the stairs. She was lucky and only had 2 fractured vertebrae, it could have been much worse. As it was she went from being a full time carer to needing care in minutes. She's recovering well now but it has changed my mind on how much information my partner and I need over one anothers finances.

We have gradually added more and more detail to our spreadsheet but it started as an Excel sheet with the banks and how much it was opened with.
We are both scientists too and we have now added more details into how we capture the money we have in savings to ensure we are making the most of our money.

When we were looking at moving house we gathered a list of our months expenses and we have just naturally have kept that up to date when the direct debits change but that's as much as we do on day to day spending.

My mums friend received an inheritance of around £200,000. She put it into her joint current account with her husband - they both worked full time and their wages were paid here too.

About 18 months after receiving the inheritance she went to do a food shop and the card got declined. He'd blown all the money and she had no idea.

Some people shut down a bit when you talk finances. My twin sister did for years when I was trying really hard to encourage her to put into a pension - she could definitely afford it but I could tell didn’t really “get” compound interest and the tax advantages. Infuriating really. We’re 44 now and she’s only just started. I’ve been paying into one for nearly 20 years.
DP is similar. In fact it’s lucky he has me to take charge of the finances because he just doesn’t know how to make the most of everything. I’d love to have a monthly finance meeting to see where we’re at etc.

Omg!!! Are they still together?

I worked in banking/finance for over 40 years…it’s only been the past 5yrs or so that I’ve truly actively managed my finances. Fortunately I’ve inadvertently made some good choices in the past so not paying for my lack of attention previously…hindsight is wonderful lol

Sadly yes, and he treats her - and their children - awfully.

He's selfish, arrogant and prioritises the pub and his "mates" (literally just randoms down the pub he buys rounds for and talks at)... but she won't hear a word against him and he's never been held accountable for where the money went or anything.

I'd be more sympathetic if you hadn't understood, for example, quite how quickly interest would amount if you only paid the minimum payments or similar, but, sorry, I can't see how someone who was apparently intelligent enough to get into university could ever think banks would give away 'free money!'

At some point people have to take some personal responsibility and ownership/

Do you go around saying 'I can't use a mobile phone/social media/sat nav' because nobody taught me how to do it in school?'

I can list my own money but I am quite sketchy on DH’s. I think he’s sketchy on mine as well.
I definitely have more than him though 😂

AH yes… “it is a the job of the schools to teach financial literacy too”… and all those obese children - schools need to do more PE…
Parents don’t even need to parent anymore… schools will make up for their short comings 🙄

Trouble is what about the parents who "can't" teach their kids. The ones who can't manage their own money. The ones who can't cook themselves. The ones who don't understand the importance of health/fitness, etc. WHO is going to "teach" their kids? Or are we, as a society, happy that their kids will grow up just the same, and in turns, their own kids will be the same too. We have to do something to stop the generational problems where parents simply don't have the knowledge nor ability to "teach" their kids. Maybe school isn't the right place, but how else? At least most kids are in school most of the time, so it's probably the most suitable place to teach "life skills" as I can't think where else they'd learn them, unless they're lucky enough to randomly meet a life partner who'll "teach" them and then there'd be hope for their kids if at least one parent had the knowledge/experience to be a parent capable of teaching money, food, nutrition, health, fitness, etc. Parents are obviously the best choice, but if the parent can't or won't then "someone" has to step in for the sake of society as a whole.