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One in six coupled-up Brits has secret savings

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Written by: Emma Lunn
04/11/2019
Half the UK population have savings strictly for themselves, with 16 per cent of the total population keeping their savings secret from their partner, according to AJ Bell.

Research from the investment platform found that one in five (18 per cent) of women in the UK keep their personal savings secret from their partner compared to 14 per cent of British men.

But despite more women having secret savings, men tend to save more, with men having an average of £8,333 stashed away, compared to £6,325 for women.

The reasons for keeping their wealth hidden varies between men and women; men are more likely to have secret savings in case of a relationship breakdown, while women are more likely to have it to retain independence.

Younger people are more likely to have savings for themselves (65 per cent of 25 to 34-year-olds, compared to 45 per cent of those 55 and over), and 5 per cent of those with savings solely for themselves have saved more than £15,000.

Laura Suter, personal finance analyst at AJ Bell, said: “It’s a great idea for anyone to have enough money put away so they can afford to get out of an awful job, ditch a bad relationship or even if they just need a break away from it all.

“Whether people keep a pot of money secret from their partner is a deeply personal thing, and there’s no right answer. It’s understandable that those who’ve had messy break-ups in the past will want their own secret stash, or runaway fund as it’s often called, and no-one should be forced to stay in a relationship because they can’t afford to leave. However, for others this would be too big a secret to keep from their partner.

“It also depends how you deal with your finances as a couple. If you agreed to pool all your money and earnings then having a secret pot of money your partner doesn’t know about might feel like a bigger omission, whereas if you have entirely separate money and accounts you might feel perfectly entitled to have a pot of savings and not talk to your partner about it.”

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