‘My Gen Z friends are sharing a bank account. Should I, too?’

This article discusses the growing trend among Gen Z individuals to share bank accounts with friends. The author recalls how their own parents and family members have shared joint accounts, but they were surprised to learn that friends are also opting for this arrangement. Shivam Agarwal explains that in his case, one friend manages the account while the others can only add or remove money, but must inform the account holder of any withdrawals.

The practice seems to be more common among women in Maharashtra, where it is referred to as Bachat Gat, or a saving group. However, the author cautions that while a shared account can simplify finances for friends with a common goal, it can also create complications if trust is not maintained. They recommend discussing expectations and maintaining transparency to avoid misunderstandings.