Secret savers on the increase

The number of people keeping savings secret from their partner is set to increase by 300 per cent within 50 years, according to a study.

NS&I (National Savings and Investments) found secrecy in personal finances is on the rise and by 2050 years the proportion of people with secret accounts will be around a quarter, compared to about one in ten (eight per cent) today.

Technological advances in remote banking will encourage the rise, NS&I said. However, women are more likely to keep cash secret from their partner than men.

Dax Harkins, senior savings strategist at NS&I, said: "The change in the way people manage their finances and the advances in technology are widely heralded as progress in financial services.

"It is fascinating to see that they could lead to a trend of more individuals also having secret accounts and stashes of money, giving them much more freedom in the way they save and spend their money, whether that be on shoes or cars.

But he warned: "A lack of knowledge and control over a partner's finances may lead to friction among some couples who are used to influencing such decisions."

Where traditionally men were the main breadwinners, keeping secret pots of cash, women are now increasingly becoming the chief household earners and keeping their own covert stashes of cash, the study found.

According to NS&I, by 2057 it is anticipated that the majority of couples will have both joint and sole bank accounts, as opposed to just joint accounts, meaning there will be more opportunities for people to maintain their financial privacy.

Sarah Routledge