Are you among the surprising number of Brits who hide savings from their partner?
Over a quarter of respondents to a survey said they haven’t told their spouse about their full financial picture
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Your support makes all the difference.A recent report into the saving habits of Brits has revealed 27 per cent of respondents admitted not telling their partners in full about savings, investments or other assets they hold.
My Pension Expert polled 2,000 adults across the UK and their findings suggest there could be friction ahead for those in long-term relationships over the matter.
A total of 23 per cent of respondents also believed their significant other had kept money or assets regarding retirement plans from them.
“In the long term this can be very problematic because couples won’t be able to fully grasp their financial situation,” My Pension Expert policy director Lily Megson, said per the Financial Times. “It really inhibits their capacity to achieve their retirement [goals] and can cause a great deal of stress.”
Megson suggested that “lack of financial engagement or understanding” might be behind some of the bridges in communication, though others could have concerns over their partner’s “potential mismanagement of money” and storing some aside for future use or emergencies.
The Resolution Foundation last year reported that up to 39 per cent of people were saving too little for retirement, though the 2012 introduction of pension auto-enrollment has had a hugely positive effect. Up to one in three families remained “financially vulnerable” though, with under £1,000 in savings available.
While setting aside some secretive cash or investments for the future might therefore seem wise to some individuals, the FT report highlighted one particular moment when they could come to light, potentially causing rifts: during credit applications such as obtaining mortgages together.
Joanna Newton, partner at Stowe Family Law, told the paper that in older partnerships it also might be more to do with “social norms” of yesteryear meaning the man took care of finances - though divorce cases can also see such hidden assets come to light and cause further problems.
Investment platform Moneyfarm report that Britons save £105 per month on average, though the variance is enormous depending on income levels: high-income families have an average of almost £63,000 saved, while low-income families may have an average of under £100 saved.
Ongoing cost-of-living issues have seen this gap continue to widen, their research shows.
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