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Savers have £92 billion in secret savings

Savers have £92 billion in secret savings

Category: Savings

Updated: 14/10/2013
First Published: 14/10/2013

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 It is now over 6 months old so the content may be out of date.

According to research from Post Office Savings, 28% of savers keep financial matters secret from their loved ones, with these secret savers having an average of £8,717 stashed away – equating to a national total of £92 billion.

The figures show that of those secret savers, two in five (41%) are hiding savings from their partners, with those who are married being more likely to have a secret stash. This can cause tension for 13% of couples, and for an unfortunate 16% it's led to a marriage breakup.

But just why are people so secretive with money?

Well, a lot of people worry about the implications of revealing their savings habits. Sixteen percent worry that others will ask to borrow money while a further 15% fear that if they lent any they wouldn't get it back, and 13% don't want to make their non-saving friends or relatives feel uncomfortable.

However, it seems that the majority of people are just very private when it comes to such things, with half keeping quiet because they think finances are a personal matter that shouldn't be discussed.

Hank Van Hulle, head of savings and investments at the Post Office, commented:

"Despite money matters being a bone of contention with many people, especially those in relationships, it is interesting that people still choose to keep their savings secret from those closest to them.

"Many believe there is still something fundamentally embarrassing about discussing personal finances, but a fair few are worried about the implications of revealing details. Some worry they won't get the money back if they lend to family and friends, indicating people may be concerned about the possible tensions caused by unpaid debts."

What Next?

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