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16/11/2011
Partners Hide Nest Eggs From Each Other
A survey published on Wednesday has found that UK couples are hiding £4.6 billion from their partners.
The research from Prudential found there were 4.5 million secret savers with a hidden pot of savings and investments of an average of £1,037 each. Some 15% of Britons over the age of 40 and living with their partner chose to keep at least some of their savings hidden from their other halves.
The research found that women were more likely to keep their funds hidden from their partner, with 18% admitting to hiding savings averaging £1,002 compared to 12% of men, who conceal an average fund of £1,072.
One in 10 of secret savers said they kept their funds hidden because they didn't trust their partner's financial decision making – while a quarter said it was a security measure, in case they should split up.
Vince Smith-Hughes, head of business development at Prudential, said: "By harbouring secret stashes of money, many couples are failing to plan sufficiently for their joint retirement.
"While it is understandable that some people in relationships want to be able to spend their own money, it is important for couples to have regular and open discussions about financial planning for the sake of maximising their retirement incomes. Only then can they decide how to make the best possible joint provision for the future.'
Meanwhile, Paul Davies, analyst at consumer group Which?, said it was unfortunate that most couples did not sit down to openly discuss their financial affairs together, so that all savings and investments could be included when they plan for a future happy retirement.
"Whether individuals share the details with their partner or not, and it's probably harder to keep a track of the performance of 'secret' monies, they need to make sure that they are getting the best rate on their savings. Regularly review all your savings accounts to ensure that you're receiving a competitive interest rate.'"
(DW)
The research from Prudential found there were 4.5 million secret savers with a hidden pot of savings and investments of an average of £1,037 each. Some 15% of Britons over the age of 40 and living with their partner chose to keep at least some of their savings hidden from their other halves.
The research found that women were more likely to keep their funds hidden from their partner, with 18% admitting to hiding savings averaging £1,002 compared to 12% of men, who conceal an average fund of £1,072.
One in 10 of secret savers said they kept their funds hidden because they didn't trust their partner's financial decision making – while a quarter said it was a security measure, in case they should split up.
Vince Smith-Hughes, head of business development at Prudential, said: "By harbouring secret stashes of money, many couples are failing to plan sufficiently for their joint retirement.
"While it is understandable that some people in relationships want to be able to spend their own money, it is important for couples to have regular and open discussions about financial planning for the sake of maximising their retirement incomes. Only then can they decide how to make the best possible joint provision for the future.'
Meanwhile, Paul Davies, analyst at consumer group Which?, said it was unfortunate that most couples did not sit down to openly discuss their financial affairs together, so that all savings and investments could be included when they plan for a future happy retirement.
"Whether individuals share the details with their partner or not, and it's probably harder to keep a track of the performance of 'secret' monies, they need to make sure that they are getting the best rate on their savings. Regularly review all your savings accounts to ensure that you're receiving a competitive interest rate.'"
(DW)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
