Savers have £92 billion in secret savings - Savings - News - Moneyfacts


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

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 It is now over 6 months old so the content may be out of date.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?

Find the best rate for your savings (secret or otherwise) with our whole of market savings comparison search

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!