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Many Couples Keep Financial Secrets from Each Other

Many couples are not totally honest with each other about their finances, new research has revealed. 

According to the study by Prudential, as many as 31% of couples have secret savings or investments that their partners don’t know about, with 7% admitting to hiding savings worth more than £50,000.

Lack of trust seems to be a driving force behind many secret finances. A third (34%) admit they have no specific plans for their secret income but just don’t want their partner to be able to access all their money. Nearly a quarter (22%) don’t trust their partner to make the right decision about their finances so want to keep control.

Men are more likely to squirrel away their savings – with a third (33%) keeping a secret stash compared to 28% of women. While men and women are relatively similar in what they want to spend the money on, more than double the number of women have secret savings as security in case of a break up (15% compared to 6% of men).

It isn’t just extra income and savings which some keep hidden as a fifth (19%) are keeping debts secret from their partner. For the majority, these debts arose from general living costs (62%) but for others the debt was caused by overspending due to previous relationships, with 22% getting into the red after a break up while 10% inherited the debt from a past relationship. 

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