Over ten million (28%) UK savers are keeping financial matters a secret from loved ones by hiding a total of £92 billion worth of savings, with the average secret savings account containing £8,717, according to research from Post Office Savings.
Two in five secret savers are hiding their savings from their partners. Those who are married (27%) are much more likely to keep their savings concealed from their spouse than those co-habiting or in a more casual relationship (14%). Sadly, savings silence causes tension for 13% of people, and for 16% of married couples this has led to separation or divorce.
The research reveals many savers keep quiet because they are concerned revealing details might have unintended implications. One in six secret savers fear others will ask to borrow money, and a further 15% worry if they lend money they won’t get it back. Half keep schtum because they believe their finances are a private matter which shouldn’t be discussed, and a careful 13% don’t want to make their non-saving friends and family feel uncomfortable.
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