By Daniel Hunter
More than one in four UK savers is keeping financial matters a secret from loved ones by hiding a total of £92 billion worth of savings, according to research from the Post Office.
Two in five secret savers are hiding their savings specifically from their partners with an average hoard of £8,717.
Sadly, savings silence causes tension among one in eight couples, and for one in six married couples this has caused a break-up.
The research reveals many savers keep quiet because of various fears. One in six secret savers worries others will ask to borrow money and they won’t get it back, while half keep quiet because they believe their finances are a private matter which shouldn’t be discussed.
“Many believe there is still something fundamentally embarrassing about discussing personal finances, but a fair few are worried about the implications of revealing details,” said Henk Van Hulle, head of savings and investments at the Post Office.
“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.”
An encouraging one in three ‘savvy savers’ chooses to put money away each month in order to achieve a specific goal. However, one in five admits to being ‘big dippers’, frequently making withdrawals from their savings account.
Worryingly, just over two in five dip into their savings to pay for everyday expenses such as supermarket shopping and household bills.
In some cases, dipping into savings is just a case of bad luck with nearly two in three doing so to fund unexpected expenses.
One in five regularly takes money out of their savings to pay for new clothes, and one in ten takes money from their accounts to lend money to family or friends.
Unfortunately, as the recession bites, two in five savers say they are now putting less money into their accounts.
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