I have encountered this numerous times during my Financial Coaching sessions with married couples.
The poor husband is struggling to service their home loans at 5% pa, and the wife has secret fixed deposits earning a miserable 2% pa (usually revealed to me when the husband goes to the toilet).
What happens is that the Bank profits from the wife’s insecurity and makes risk-free 3% pa every year! If the Fixed Deposit is RM100,000, that’s RM3,000 or a domestic holiday every year that couple is giving away to the Bank.
If you are Financial Professional, have you encountered this? Why does it happen, and what can couples do to make themselves richer?
Hope to hear from both husbands and wives their point of view on this.
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