UK adults hiding £14bn in secret savings

Over a sixth (15 per cent) of UK adults admit to having a bank account that they keep hidden from their partner, new research from the Post Office has revealed. The average secret savings account contains £2,033, although one in 20 admit to hiding over £10,000.

A quarter of secret savers claim they keep the account hidden from their partner ‘as a safety net’ in case the relationship doesn’t work out. Other respondents felt that their money was none of their partner’s business (18 per cent) or said that the account made them feel more independent (20 per cent). One in ten (10 per cent) keep the account secret as they are worried their partner would spend their money.

Men are significantly more likely to have a secret savings account than women. 22 per cent of men surveyed admitted to hiding an average of £2,128 from their partner, compared to only 11 per cent of women, hiding an average of £1,927.

For almost a quarter of men (22 per cent), the main reason for keeping their savings hidden was that they believed their partner would disapprove of their investments - a reason cited by only five per cent of women. 24 per cent of men believe that their money is none of their partner’s business, compared to 12 per cent of women.

Psychologist Donna Dawson said: "We often forget that ‘money’ is a very emotive issue, as our dealings with it reflect not only our personalities, values and priorities, but who we aspire to be and how we want others to see us. A ‘lack’ of money can make us appear inept, disorganised and unsuccessful, and men in particular will create a secret account in order to avoid such a loss in personal and social standing from ever taking place. On the other hand, most women will create a secret account simply because they are anxious about their future financial security." 

Doug Strachan, Director of Financial Services at the Post Office, said: "While people have secret savings accounts for many different reasons, it’s wise to be open and honest about money with loved ones to avoid strained relationships.

"By discussing significant financial decisions with close family and friends, people are more likely to make well-informed choices and prevent potential money issues spiralling out of control. Whether your savings are secret or not, it’s also sensible to ensure your money is working as hard as possible for you by choosing competitive interest rates or tax-efficient accounts."