Martin Lewis gave an impassioned plea urging people not to leave all the household finance admin to their partner on the latest episode of his Money Show Live on ITV1. It came after his production team carried out a survey where 46% of respondents said that, in their house, one partner manages all the bills and similar affairs - with 78% saying one partner handles the majority.
Lewis told viewers on Tuesday (March 14): "About five years ago I did a speech, and at the end lots of people came up to ask me questions. There were three women in their 40s and 50s who came up, one after the other - they didn't know each other, it was totally coincidental.
"All of them had lost their husbands very recently. All of them asked me effectively the same question: "I know nothing about our finances. I don't know where to start. I've never done it, I'm petrified, what do I do?" One of them, she couldn't even find the money to pay her mortgage and was going into arrears.
"The problem with one dominant financial partner is, if the other person is not empowered, then think about the three D's - death, divorce, dementia. If one of those happens, you are stuck.
"This is my plea to any one of that 46% - if your partner does not know what's going on, this is your responsibility."
Lewis said that 'dominant financial partners' should give their other halves a "beginner's briefing on the family finances". They should also create a 'financial factsheet' listing things such as cover for the central heating boiler and who carries out the MOT on the car, he said, emphasising: "Not just bank accounts."
The factsheet should not have security details "in case it gets nicked", he said, but should be detailed enough that "someone could take over and pick it up in the event of the three D's."
In addition, every three months couples should have a "kitchen table briefing" on how the household money is managed, Lewis recommended.
The Martin Lewis Money Show Live airs at 8pm on Tuesdays on ITV1 and is available to catch up on ITVX
