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Lovers keep secret stash hidden from partners

11 January 2008 / by Verity G
One in seven people in a relationship keep their savings secret from their partner as a 'financial safety net' in the event of a break-up, a new study has revealed.

Research from Scottish Widows has found that personal financial security is becoming more important than ever for couples with a third claiming to keep their accounts completely separate from their other halves.

Following recent high profile big money, divorce settlements, people in relationships are beginning to guard their own cash stash with almost one in five people with a partner or spouse refusing to open a joint bank account. Women are more protective about their financial independence than men with 21 per cent refusing to open a joint account compared to 17 per cent of their male counterparts.

Other findings include 33 per cent of joint account holders who also hold their own private accounts, and a further 15 per cent who claim to have secret savings accounts that no one knows about.

Mike Hoban, Customer and Brand Marketing Director at Scottish Widows, explains: "While secrecy between partners may not be particularly healthy, it is a good idea to maintain some financial independence, as you never know what will happen in the future.

"Keep some savings aside for yourself and put a bit away ‘for a rainy day’ and try not to depend too much financially on your partner or family. If you’re unclear what to do about joint accounts and private savings, it’s best to seek professional financial advice to help work out the best way to save for you."

It appears that the under 25s are the most opposed to sharing an account with 27 per cent saying they would not ever consider it compared to 18 per cent of the over 45s.

© Fair Investment Company Ltd