An easy way to get an overview of what equipment your party is carrying is to look at the equipment and item lists. Click on the 'View Equipment Lists' button to see what all your characters are wearing. Click on the 'View Item Lists' button to see what all your characters are carrying. (These buttons are available at multiple points in the game.) These screens are useful if you have just found a new item and want to know which character(s) might need it.