LONDON, UNITED KINGDOM — (Marketwired) — 08/02/13 — In the UK, we are seeing the emergence of a new generation of -secret savers- as the average UK couple now keeps 63% of their savings and investments in sole accounts, according to the Family Savings Report.
The report highlights a long-term shift to greater independence in couples- finances.
Many couples would only expect to be notified about spending when their partner spends over a certain amount, with an average of GBP 183 spending limit for and GBP 395 for a partner-s own savings. Couples in the North West also have the tightest reign on each others- access to shared savings, with an average of GBP 79 before the partner expects to be notified. This compares to GBP 297 in the South East, who allow their partners a considerably bigger spend before expecting to be consulted.
The research shows that 12% of people in the UK keep some of their savings secret from their partner, while 6% of people keep some income secret from their partner. The research highlights that the highest amount of secret savings is in Northern Ireland (19%), and the West Midlands (15%), compared to the lowest amount of secret savings in the North East (4%) and the South East (9%).
The research also suggests that the typical secret saver keeps between a quarter and a third of their savings secret from their partner, averaging 28% of their savings.
The reason behind secret savings
The most common motivation for couples keeping secret savings was because they felt the partner would spend the money if they knew (18%). The second most common was keeping the money for emergencies or -rainy days- (14%). Others believed money should not be discussed or it -is not the partners- business- (12%), while some simply suggest that it is their own money or are independent from their partner (8%).
Andy Bickers, Director of Savings at Lloyds TSB, comments:
“With nearing two thirds of UK couples and four in five young couples now keeping their savings in sole accounts, we are starting to see a long-term shift towards people wanting to remain in financial control. Putting aside money remains a positive step for all and tax free and get more for your money.”
Contacts:
Lloyds TSB
0800 096 9779
25 Gresham Street, London EC2V 7HN