A new report suggests that Britain is a nation of secret savers as they hide a total of £4.6 billion from their partners.
The latest research, from a leading insurance firm, found that one in 10 keep a secret stash of cash from their other half as they don’t trust their partner’s financial decision making skills.
Compare savings with Propertywide.
As the UK struggles to cope with the rising cost of living, the tension under the current economic climate is heating up. Many individuals are adopting a ‘one-for-all and all-for-one’ policy when it comes to personal finances.
The research found that 15% of Brits over 40 who are living with their partner choose to keep some of their savings hidden from their other half. The average amount of hidden cash is £1,037.
The research pointed out that 4.5 million UK adults over 40 who are harbouring cash could enter retirement with £4.6 billion.
Over a quarter of hoarders say that the money is a security measure should they split with their partner. One in 10 keeps the funds a secret because they don’t’ trust their partner’s financial capabilities.
Almost half (42%) of secret savers are actually planning on using the money to supplement their retirement income. However, 20% of those surveyed confessed to having never discussed retirement planning with their partner or spouse.
Vince Smith-Hughes, Head of Business Development at Prudential, said; “By harbouring secret stashes of money, many couples are failing to plan sufficiently for their joint retirement.”
“While it is understandable that some people in relationships want to be able to spend their own money, it is important for couples to have regular and open discussions about financial planning for the sake of maximising their retirement incomes.”
The research also found that 17% of Brits feel uncomfortable discussing financial matters with their partner. If you are planning to stash your cash, compare savings or ISA accounts with Propertywide.