New research from investment platform AJ Bell shows that more than half the UK population have savings strictly for themselves, with 16% of the total population keeping their savings secret from their partner.
18% of women in the UK keep their personal savings secret from their partner compared to 14% of British men, but despite more women having secret savings, men tend to save more (male average amount = £8,333, female average = £6,325). The reasons for keeping their wealth hidden varies between men and women; men are more likely to have secret savings in case of a relationship breakdown, while women are more likely to have it to retain independence.
Yorkshire and Northern Ireland are the top regions for secret savers, while Liverpool is the secret saver capital followed by Belfast and Leeds.
Younger people are more likely to have savings for themselves (65% of 25-34 year olds, compared to 45% of those 55+), and 5% of those with savings solely for themselves have saved over £15,000.
Laura Suter, personal finance analyst at AJ Bell, comments:
“It’s a great idea for anyone to have enough money put away so they can afford to get out of an awful job, ditch a bad relationship or even if they just need a break away from it all.
“Whether people keep a pot of money secret from their partner is a deeply personal thing, and there’s no right answer. It’s understandable that those who’ve had messy break-ups in the past will want their own secret stash, or runaway fund as it’s often called, and no-one should be forced to stay in a relationship because they can’t afford to leave. However, for others this would be too big a secret to keep from their partner.
“It also depends how you deal with your finances as a couple. If you agreed to pool all your money and earnings then having a secret pot of money your partner doesn't know about might feel like a bigger omission, whereas if you have entirely separate money and accounts you might feel perfectly entitled to have a pot of savings and not talk to your partner about it.
“The differences between men and women are really interesting, with women more likely to have a secret stash, but men saving more in their secret pot. Women are also more likely to have the cash stash so they have a feeling of independence, while men are storing up money for a potential relationship breakdown.”
|
Do you have a savings fund that is strictly for yourself? |
Total |
Male |
Female |
|
Yes |
56% |
58% |
54% |
|
No |
41% |
39% |
43% |
|
Prefer not to say |
3% |
3% |
3% |
|
Does your partner know about your savings? |
Total |
Male |
Female |
|
Yes |
84% |
86% |
82% |
|
No |
16% |
14% |
18% |
|
Prefer not to say |
1% |
1% |
1% |
|
Reason for secret savings |
Total |
Male |
Female |
|
Gives me a feeling of independence |
52% |
47% |
56% |
|
In case my relationship breaks down |
45% |
48% |
43% |
|
In case I need to leave my job |
22% |
33% |
13% |
|
I don't trust my partner |
18% |
11% |
23% |
|
To give to my children |
11% |
14% |
8% |
|
Other, please specify |
6% |
9% |
4% |
|
Prefer not to say |
3% |
4% |
3% |
|
Secret savings amounts |
Total |
Male |
Female |
|
Average |
£7,387 |
£8,334 |
£6,325 |
|
Up to £1,000 |
16% |
11% |
22% |
|
£1,000 - £2,000 |
21% |
22% |
21% |
|
£2,000 to £3,000 |
12% |
12% |
11% |
|
£3,000 to £5,000 |
13% |
14% |
12% |
|
£5,000 to £7,500 |
6% |
7% |
6% |
|
£7,500 £10,000 |
6% |
6% |
5% |
|
£10,000 to £15,000 |
11% |
14% |
7% |
|
£15,000+ |
5% |
6% |
4% |
|
Prefer not to say |
10% |
8% |
12% |
|
Source: Censuswide/AJ Bell. |
The survey was completed by Censuswide for AJ Bell between 13th-19th September 2019. 2,002 people in relationships or married (1,000 men & 1,002 women) were surveyed.
