You are here: Home - Saving & Banking - News -

Couples keep majority of savings separate

0
Written by:
10/12/2014
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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Six key investment themes for 2015

Tilney Bestinvest’s chief investment officer Gareth Lewis highlights the six themes likely to dominate investment strategy over the next twelve...

Close