Brits keep a current account secretly hidden from loved ones

New research from Abbey Current Accounts reveals that 7.5 million Brits – that’s twelve per cent – keep a sneaky CASHFLO or Current Account Secretly Hidden From Loved Ones. That equates to one-in-seven current accounts held in the UK.

Do you have a secret stash?

7.5 million Brits keep a CASHFLO (Current Account Secretly Hidden From Loved Ones)

One-in-seven UK current accounts are ‘hidden’

25-34 year olds are most likely to keep their finances secret

People in North East have the highest number of CASHFLOs

While Brits have long been known for their modesty, especially when it comes to money, Abbey questions whether the nation’s obsession with discretion may have gone too far. Especially since money is a common cause of conflict amongst British couples.

Indeed research from the Financial Services Authority found that three-quarters of couples find money the hardest thing to talk to each other about. Further research from Relate found that money is the most common cause of arguments amongst couples in the UK – and usually centres on differences over spending.

Abbey’s findings show that those in their late twenties and early thirties are the most likely age group to conceal a CASHFLO, with confessions coming in from fourteen per cent of people in this age bracket. Sixteen-to-twenty-four’s are least secretive, followed by the 55-plus age group.

Abbey also found that keeping a CASHFLO is a unisex affair with both sexes admitting they do it.

Steve Shore, Head of Banking, Abbey, said: "Whether or not you keep your actual account itself secret there are some things that you should always keep to yourself. Never share your chip and pin with anyone – even if you share a joint account with someone – and don’t ever quote all your security details over the phone. No bank staff would ever ask you to.”

Abbey’s Preferred-In-Credit current account offers 6.3% interest on deposits up to £1,000, so people’s money can work that bit harder. Abbey provides full service banking to over 4m customers in the UK, through branches, by phone and through the internet.

Regional breakdown

Top three CASHFLO regions in the UK:

1. North East
2. North West
3. London

Bottom three CASHFLO regions in the UK:

1. Scotland
2. South West
3. Yorkshire