Some savers keep an emergency cash stash secret from their partners, family and friends because they fear their partner may leave them or they might lose their job.
One in five savers have a secret account worth £25,000 or more, a new study reveals, while the average hidden account contains £10,685.
One in seven do not tell their partners they have the money.
The research, by British money comparison web site GoCompare, also found women are more secretive about the savings than men and five times more likely not to tell anyone about the account.
Savers under the age of 25 are also prone to keep quiet about their money in the bank.
Breaking up can hit you in the wallet
“It’s one thing for couples to keep separate savings accounts, but another to be actively hiding money from your loved ones. While each person who does so will have their own reason for it, having a secret emergency fund may not be a terrible thing to have,” said Georgie Frost, consumer advocate at GoCompare.
“A bit like our job, as much as we don’t want to think about the worst happening, being made redundant or splitting up, being prepared for all eventualities is essential. Particularly if your finances are intertwined, perhaps because of living together or being married, breaking up can hit you hard in the wallet.
“An important thing to take away from this research is how we’re starting to see a long-term shift towards people wanting to stay in financial control, particularly women. It’s worth remembering, secret or not, that to get the most from your savings you need to shop around for the best interest rate.”
Why keep a secret account?
Frost did question the merits of keeping a secret account.
For instance, if a married couple splits, both have an obligation to tell the courts of any hidden accounts they control.
A similar survey was carried out by the Money Advice Service that echoed the findings.
The results revealed (41%) said they kept their money separate to maintain ‘financial independence’, while 38% were worried their partner would spend the money, and one in five (20%) wanted to be sure their partner did not like them just for their money.
