Couples advised to operate joint bank accounts to navigate economic downturn

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Uba Group

BY TIMOTHY AGBOR, OSOGBO

Married couples have been charged to operate joint bank accounts as a means of navigating the current economic hardship rocking the nation.

The counsel was contained in a communique issued and signed by the president of the Catholic Men Organisation of Nigeria, Francis Otun, after a seminar held recently at St Benedict Catholic Cathedral, Osogbo.

The association said it is highly recommended for married men to maintain financial transparency with their wives by either operating a joint account or ensuring that their wives know their financial strength in order to prevent misunderstanding between couples over the financial status of the family.

According to the communique, once a man allows his spouse to be abreast of his income and financial conditions, the chances of “unnecessary requests” by the wife would be reduced and thus making the home to be at peace.

While urging government at all levels to create enabling environments for small and medium businesses to thrive, the communique harped on the need for men to diversify their sources of income and maintain other lucrative businesses as alternative sources of income to fend for their families.

The Catholic men bemoaned the economic hardship in the country and advised citizens, especially married men to acquire skills and develop themselves.

“It is an understatement that things are not going on well in Nigeria economically and that the family must find ways to create wealth. To overcome the hard economic situation, it is germane to deploy the spiritual and emotional motivations from God, our creator.

“The need to acquire new skills and invocations should be given utmost priority by men. To this end, every CMON member, who is on a salary job, should engage in a business of his own and those who have private business should prepare to diversify. Every member is enjoined β€˜to start small but think big.’

“A joint account is highly recommended and where joint account is not practicable, your spouse should know your personal account details as this will help to avoid unnecessary requisition at home.

“Marriage is a means to serve God, therefore, members are encouraged to avoid unnecessary domination of ideas rather than allowing intellectual discourse at home as God gives each member of the family one talent or the other to exhibit.

“To reduce the negative effects of the economic downturn, insecurity and corruption in the society, the government, at all levels, should create an enabling environment for small and medium businesses to thrive.”