Brits hiding £14bn in savings

Over 15 per cent of UK adults admit to having a bank account that they keep hidden from their partner, according to Post Office research.

The research revealed that the average secret savings account contains £2,033 with one in 20 admitting to hiding more than £10,000.

Many fear that their relationship will not work out and find the accounts with the best savings rates to hide their money from their partner.

A quarter of participants in the survey admitted they had a hidden account 'as a safety net' whereas around 18 per cent felt that their money was none of their partner's business.

The results of the survey revealed that men are significantly more likely to have a secret savings account with 22 per cent admitting to hiding money compared to 11 per cent of women.

Doug Strachan, director of financial services at the Post Office, said: "While people have secret savings accounts for many different reasons, it’s wise to be open and honest about money with loved ones to avoid strained relationships."

Meanwhile, a survey carried out by Legal & General revealed women using savings accounts had increased in the last two years.
 

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2010-09-08 13:14:23 © Moneyextra.com