Nearly half of people say they have a secret stash of money

New research by Aviva has found that the number of people with a partner, that nearly half (47%) keep financial secrets, with more than £6,000 on average per person stashed away in secret accounts. This is despite almost half (45%) believing they ‘know everything’ about their partner’s finances. Of those who have secret accounts, the average amount saved was £6,495 with those aged 55 and over having almost £12,500 put away.

Around a quarter of people have secret accounts set up to pay for a holiday (27%) or to pay for surprise gifts for their partner (24%). However, a similar number are likely to squirrel finances away to treat themselves, with 22% holding separate accounts to make purchases without their partner knowing.

Some conceal funds for more serious reasons, as 31% of people want to keep some control and independence over their finances, and 27% keep money aside to avoid feeling stuck or trapped. More than a quarter (27%) have secret savings in case their relationship breaks down, and 15% are looking to pay off debts without their partner knowing.

Over a third (35%) of couples find themselves arguing about money more than once a month, and one in five (20%) argue once a week or more. Spending habits are the most common cause of conflict – 31% argue about being too extravagant with money, and one in five (21%) squabble about being too tight. Similarly, one in five (19%) think being tight with money is a red flag, and 17% are put off when someone is ‘flashing the cash’.

Finances are a topic that many are looking to avoid, as more than a third (34%) say they only talk about money with their partner once a month or less. A further 5% say they never discuss money with their partner at all.

Alistair McQueen, Head of Savings and Retirement at Aviva said “Money can be a tricky topic to bring up with your partner, and it can be a source of conflict, especially if you have savings or debts that your partner isn’t aware of. However, having honest conversations about money is important, as our research shows we may not know as much as we think we do about our partner’s finances.

“It is great that people are saving up to treat their loved ones as a surprise. However, when it comes to the big decisions, whether it’s buying your first home, starting a family, or even getting ready to retire, it’s important to be on the same page as your partner.”