Everywhere it's common that mostly 1 partner take part in household financial matters where as the other partner just go along. But this is very wrong because sometimes there are adverse situations where if the partner doesn't take charge then it's bad for the family.
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Some examples like, Divorce, temporary or permanent disability of the partner which takes part in financial, death of the partner which takes part in financial. In these events the other partner doesn't have any idea about the Financials would have problem handling the money going forward. And that's why I'd evert partner takes part in household Financials then it's good.
For example, I am thinking of writing a diary where I will keep all the details about the health insurance, term insurance all the money, bank accounts everything which can be beneficial after my absence. And along with that I try to explain my wife about all the investments I have done till now. In this way she will have some idea about our net worth.
The problem with most of the household is that the other partner doesn't take keen interest in the Financials and that's make the process harder. If the spouse takes the interest then it will becomes the healthy discussion. The areas which I think that the spouse should know is the cashflows, insurance, investments (including retirement as well as children's), documentation. These are good enough for the starters and trying to make them understand the basics.
For example, the health insurance and term insurance are actually the number one thing which the other spouse should know because that can actually help them to navigate the problems going forward. I also try to experiment on month household expenses tracking given to my wife. That means I give the total household money for the month to my wife and ask her to run the whole month from that money. This actually give her sense of expenses for the whole month as well as how to handle the money properly.
