Financially cheating? UK couples hide thousands from each other in secret savings

 Study finds

New research from GoCompare Money has revealed that 7 per cent of UK savers admit to having a secret savings account which they hide from the friends, family and partner.

Research from GoCompare finds 7 per cent of the UK are keeping their savings a secret from their partner. 

• One in 8 people say their partner does not know how much they have in savings. 
•  On average, people in the UK have £10,685 worth of savings.
• 7 per cent of the UK keep the amount they have in savings a secret from their partners.
• Women are five times more likely than men to keep their savings a secret from their partner. 
• 18-24 year olds are the most likely to keep their savings figures to themselves.

New research from GoCompare Money has revealed that 7 per cent of UK savers admit to having a secret savings account which they hide from the friends, family and partner.

On average, those with a secret savings stash are keeping £10,685 hidden away, with a fifth (20 per cent) of UK people having more than £25,000 in a hidden account.

The study also showed that women were more likely to have covert cash squirrelled away, with women being five times more likely than men to keep their savings a secret from their partner.

Younger savers were the most likely to be secretive with their money, with one in seven 18-24 year olds hiding their money from their other half.

While a secret savings account is attractive to some, it’s worth noting that you’ll have to declare any secret savings should you and your partner go through a divorce. 

Georgie Frost, consumer advocate at GoCompare said; “It’s one thing for couples to keep separate savings accounts, but another to be actively hiding money from your loved ones. While each person who does so will have their own reason for it, having a secret emergency fund may not be a terrible thing to have.

“A bit like our job, as much as we don’t want to think about the worst happening, being made redundant or splitting up, being prepared for all eventualities is essential. Particularly if your finances are intertwined, perhaps as a result of living together or being married, breaking up can hit you hard in the wallet.

“An important thing to take away from this research is how we’re starting to see a long term shift towards people wanting to stay in financial control, particularly women. It’s worth remembering, secret or not, that to get the most from your savings you need to shop around for the best interest rate.”