Rise of the ‘secret saver’ - Savings - News - Moneyfacts


Rise of the ‘secret saver’

Rise of the ‘secret saver’

Category: Savings

Updated: 15/07/2013
First Published: 15/07/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

UK couples stash away £2.1 billion in 'secret savings', according to a new report by Lloyds TSB.

The Lloyds TSB Family Savings Report has uncovered a shift in couples' savings habits, with the average UK couple now keeping 65% of their savings and investments in a sole account.

Younger couples, meanwhile, keep 80% of their savings separate from their partner's.

According to the study, 12% of people keep some of their savings secret from their partners, with the average 'secret saver' accumulating a savings pot worth £823.48, amounting to a total UK secret savings stash of £2.1 billion.

The main reason cited for couples keeping their savings pots hidden from their partners was because they believed their partner would spend the money if they knew about it.

It was also revealed that nearly half (47%) of those couples who have a joint account would expect their partner to always let them know when they spent money from the account, while almost a quarter (23%) say they expect to be notified every time their partner takes money from their own, separate savings account.

"With nearing two thirds of UK couples and four in five young couples now keeping their savings in sole accounts, we are starting to see a long-term shift towards people wanting to remain in financial control," said Andy Bickers, director of savings at Lloyds TSB.

"Putting aside money remains a positive step for all and ISA accounts continue to be the best way to save tax free and get more for your money."

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