In an interview with Curly Tales, Bollywood actress Malaika Arora spoke on the importance of personal identity and financial independence for a married woman. She emphasised having a separate bank account and encouraged women to keep their finances separate from their partners and not to lose their identity, even after marriage. Scroll down to read financial, psychological and neurological benefits of separate finances after marriage.
8 Reasons Why Married Women Should Have Separate Bank Accounts
Here are the reasons why married women should have a separate bank account:
Viral Bhatt, Founder of Money Mantra, Mumbai said, “Yes, married women in India should consider having separate bank accounts.”
Financial Independence And Autonomy
Viral highlighted that having a separate bank account gives women the freedom to manage their finances independently. It empowers them to make financial decisions without needing approval, fostering self-reliance and confidence.
Sethurathnam Ravi, The promoter and managing partner of Ravi Rajan & Co. LLP said, “I advise married women to have separate bank accounts as it offers individual financial autonomy, reducing reliance on your spouse’s income. This can foster greater financial independence and increased control over personal finances, empowering and enabling women to participate more fully in economic activities.”
Better Money Management
According to Viral Bhatt, separate accounts can help streamline financial planning for both partners. He added that couples can contribute to joint accounts for household expenses while maintaining their personal accounts for individual needs. Additionally, a separate account allows women to track their spending and saving habits better.
Emergency Preparedness
A personal account acts as a financial safety net during emergencies, ensuring that women have quick access to funds when needed.
Encourages Saving Discipline
Viral mentioned that women are known to be meticulous savers. Having a personal account dedicated to savings can help them set aside money systematically, possibly through recurring deposits or fixed deposits.
Tailored Investments
According to Viral, separate accounts can be used for creating personal financial goals. Women can invest in SIPs, PPFs, or gold funds specific to their own goals, such as education, travel, or retirement. Additionally, investments like ELSS made from a separate account can help in tax planning.
Promotes Financial Equality
Viral said, “A personal account ensures that women have equal take on financial matters, breaking typical dependency and fostering a balanced partnership.”
Ms Bidul Agwaan added that financial literacy and independence among women not only enhance their personal growth but also positively influence families and communities. He highlighted that the percentage of women in India with a bank account has shown significant growth from 26% in 2011 to around 78% in 2021, reflecting enhanced financial inclusion efforts.
Legal And Identity Security
Viral highlighted that a personal account in their name ensures clear ownership of funds, which is crucial in case of disputes, separation, or inheritance planning.
Bank Benefits
Ms Bidul Agwaan, Vice President, Corporate Development and Institutional Relations said, “In India, women’s savings accounts may offer some benefits like better rates and may have lower or zero minimum balance requirements for added affordability. Banks may also provide discounts on services like locker fees along with preferential interest rates on home, and business loans.”
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Psychological Benefits Of Separate Finances
Siddharth S Kumaar, Life & Relationship Coach & Founder, NumroVani highlighted that in the modern-day world, which is dynamic and evolving, every married woman should have a separate bank account. Having your own independent bank account acts as a catalyst towards growth and confidence in life.
According to Sidhharrth, for women, having a separate bank account has major psychological advantages that improve their independence, self-worth, and emotional health. It promotes financial autonomy, lowers stress by guaranteeing security in doubtful circumstances, and increases confidence in money handling and decision-making.
He added that separate finance provides a venue for one to achieve personal objectives and desires and helps one to find meaning and contentment. It also helps women to feel equal and self-reliant, reduces financial problems in relationships, and advances harmony.
Neurological Benefits Of Separate Finances
Siddharth said, “Having a personal bank account has neurological advantages related to brain function, increased autonomy, stress reduction, and stimulation of reward systems. While lowering the amygdala's stress reaction and thus encouraging emotional control and mental wellness, managing finances independently activates the prefrontal cortex, boosting decision-making and problem-solving ability.
He highlighted that it releases dopamine in reward areas, so rewarding good behaviour and motivation; also promotes neuroplasticity, improving resilience and adaptation. From financial stability, balanced cortisol levels help to increase focus and cognitive function, therefore encouraging emotional well-being, independence, and self-worth.
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