UK couples ‘have secret savings accounts’

The UK is seeing an emergence of secret savers, with the average couple now keeping 63 per cent of their savings and investments in sole accounts, acc…

The UK is seeing an emergence of secret savers, with the average couple now keeping 63 per cent of their savings and investments in sole accounts, according to the latest findings from Lloyds TSB Family Savings report.

In the research, some 2.6 million secret savers in the UK hoard an average pot worth £823.48, with the typical person keeping between a quarter and a third of their savings hidden from their partner. Young couples are the most likely to do so, with 80 per cent operating sole accounts

The total amount people have stashed away from view is £2.1 billion.

It appears couples are becoming more independent when it comes to finances. Just over one in ten of respondents (11 per cent) said their other half would never have to tell them before spending their joint savings money.

Some 47 per cent would expect their partner to always let them know when they use money from it, which means more than half do not.

When it comes to spending from a personal account, nearly a quarter (23 per cent) still expect to be notified every time their spouse makes a purchase, while a third (33 per cent) never believe they should be told.

Interestingly, many couples would only expect to be told about spending when their partner goes over a certain amount, with an average of £183 being the limit for jointly owned savings and £395 for their own savings. 

The research shows 12 per cent of individuals in the UK keep some of their savings secret from their other half, while six per cent keep some income hidden.

Of all reasons for keeping money out of view, the most common is because people felt their partner would spend the money if they knew about it (18 per cent). The second biggest motivation is keeping the funds for emergencies or rainy days (14 per cent), while others believed money should not be discussed (12 per cent).

Andy Bickers, director of savings at Lloyds TSB, said: "With nearing two thirds of UK couples and four in five young couples now keeping their savings in sole accounts, we are starting to see a long-term shift towards people wanting to remain in financial control."

By Joe White

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