One in five people hide money from their partners

A fifth of people in the UK are hiding money from their partners, according to a new study by All About Money.

The research suggests people are actively misleading their partners regarding how much they earn or have saved in a bank account.
More than 5.5 million people do not actually know how much their partner earns and an estimated six million say that their partner does not know how much they are paid.

According to the study, around two million people have actively lied to their partners about how much income they bring in with a million telling them they earn more than they actually do and the another million saying they earn less.

One in five partners – around eight million people – have savings they keep secret from their other half. Women seem to be more likely to hide money from their partners than men with some 22 per cent admitting to having money put away to one side, compared with 20 per cent of men. 

Although women are more likely to be hiding a secret stash from their partners, men have over £3,000 more (£8,554.53) hidden on average than women do (£5,391.41). Overall, the average amount hidden away is £6,805.51, although 18 per cent of people with a secret money stash are hiding over £10,000.

Ian Williams from All About Money said: "For most people, relationships are built on trust and openness – and our research shows that this honesty usually extends to our finances too.  

"However, there is a minority that don't take that approach.  Some people are misleading their partners about how much they earn, or stashing some cash away 'just in case'."

Knowing the amount of money your partner earns can help household finance management significantly. By having knowledge of the exact amount of money coming in, outgoings can be planned for more effectively and money can be put aside for savings and debt repayments.

By Amy White