This arrangement seems extremely sensible to me. I know it's not for everybody, but in our case we trust each other completely and share a similar outlook on financial things, so it makes perfect sense to just share.
Since we're in it together, we run big purchases by each other just as an additional check. This helps soften irrational impulses, lets us suggest alternatives to each other, and just keeps us up to date with what's going on.
Please tell me, how does this mean that I "don't have control of [my] own money"? In what way does it make me "look weak"? Why should I keep this a secret? And why should I care about my "social standing" in the eyes of people who think this means anything important?
As mentioned in my other comment I was relating a phrase that was quite common "back in the day" for editorial purposes. This is what I don't like about the current world. There is no difference between saying someone yourself and relating either history or what someone else might say.
The other way of looking at it (and the way your comment came across) is that you're using 'back in the day' as a means to say what you feel, under the veneer of not actually saying it yourself. After all, if it didn't reflect what you thought, why would the phrase come to mind - and why take the trouble to call it out?
Underscoring this is that it's not actually "back in the day" at all. It's still a term that's commonly used.
I really don't understand why someone would publicly admit that they don't have control of their own money. I see people admitting to it regularly as if it's something that can't be helped, but it just makes them look weak. Like they are lowering their social standing on purpose.