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Couples keep majority of savings separate

Lucinda Beeman
Written By:
Lucinda Beeman

The average UK couple  keeps 63 per cent of their savings and investments separate, with just over £3 billion now stashed in ‘secret’ savings accounts.

According to the Lloyds Bank Family Savings report young couples are more likely to save and invest independently, with 82 per cent of couples aged between 18 and 24 keeping their savings separate. For couples aged over 50 there is a 50/50 split.

One in ten Brits keep some savings completely secret from their partner. Women (12 per cent) are more likely than men (nine per cent) to do so.  The typical secret saver keeps a third of their savings under wraps, stashing an average of £1,262.

Philip Robinson, Savings Director for Lloyds Bank, said: “The number of couples keeping savings secret is on the rise with the UK’s secret savings pot growing 9 per cent to just over £3 billion. However, it is worth considering pooling funds between partners as combined savings could provide greater returns on interest.”

Just under half of couples who pool their resources would expect their partner to check before spending out of the joint account, while just one in ten said that their partner would not need to check.