The rise of the single saver
The UK population increasingly want the financial independence of their own pot of savings, whether they have a partner or not, according to research published by Halifax.
More than three quarters (78%) of savers with partners keep their own personal savings account separate from their partner and almost half (45%) of singletons say they save more because they do not have a partner to rely on financially.
Savings savvy singletons
As outlined within the Halifax 50 Years of Savings report published earlier this year, the proportion of single person households in England has risen significantly over the past four decades. In 1971 less than one in five (19%) English households were single occupancy households compared to one in three (33%) in 2009.
The Halifax research also shows the singletons of today are not looking for a partner to secure their financial future. Three quarters (74%) think it is important to go into a new relationship with their own financial stability.
How the other half saves
Despite two fifths (38%) saying their partner knows exactly how much is in their separate savings account, over half (51%) admit their partner only has a rough idea how much they have saved and 1 in 10 (10%) confess their partner doesn't even know they have a separate account.
The top reasons savers give for not disclosing information about their savings to their partner is that they think it's important for both of them to have some financial independence (46%), that they simply like to have a nest egg of their own (22%) or that they like to be self reliant (12%). However 12% admit it's their safety net in case anything goes wrong in their relationship.
Men v women
Men are most likely to say they save more because they are single (50% versus 40% of women) and think it's important to enter into a new relationship with their own financial stability (78% of men versus 71% of women).
However they are less likely to have a separate savings account once they are in a relationship (74% of men versus 83% of female savers).
Twice as many women (16%) than men (8%) keep separate savings as a safety net in case anything goes wrong in their relationship.
Self reliance not limited to the younger generation
It might be no surprise that 94% of savers between the ages of 18 to 24 keep a separate savings account from their partner. However, the desire for some financial independence is still prevalent with older savers with four fifths (81%) of 45 to 54 year olds and almost three quarters (72%) of over 55s still keeping a separate savings account.
Regional differences
Independent singletons in Wales and the South West are most likely to say they think it's important to enter a new relationship with financial stability (86%). This compares to just 63% of those in Scotland.
Savers in the South East are most likely to keep their savings a secret from their partners with 13% confessing they have never mentioned their nest egg. This compares to just 5% in Scotland.
Flavia Palacios, head of Halifax Savings, said; "50 years ago men were the main breadwinners and contributed the most to family savings. It's interesting to see how social changes, such as people settling down later in life and increased levels of personal wealth, have changed this and it's not just singletons that are now looking for individual financial stability."
It is encouraging to see, regardless of relationship status, individuals are thinking about their financial stability. Developing a saving habit has always been important but it has become even more so in the current economic environment."