Couples saving more secretly and separately.
One in ten Brits don't tell their other half about all of their savings and investments, according to a new report from Lloyds Bank.
It estimates there are currently 2.4 million of these 'secret savers' in the UK. Women are the worst offenders with 12% concealing exactly how much they’ve got squirreled away compared to 9% of men.
The typical secret saver now keeps around a third of their total savings and investments hidden, up from 28% compared to last year.
On average, secret savers have £1,262 hidden away, up 9% on last year. In total that comes to a whopping £3 billion in secret savings.
Seperate savings
Even if you aren't keeping your savings secret, you may be keeping them separate, as the report found an increasing number of couples are opting against keeping their savings in joint accounts.
Overall the UK now keeps 63% of their savings and investments in sole accounts. According to the report this trend is more common with the younger generation, with a whopping 82% of 18-24 year old couples saving in sole accounts, compared to 50% of couples aged 55 and over.
Joined up finances
Of those with joint savings accounts, just under half expect their partner to tell them before dipping into the pot, with only 9% saying their partner wouldn’t need to inform them beforehand.
However, purse strings have loosened over the past year. The average amount we feel we can spend without having to ask a partner’s permission has risen to £286, up significantly from the £183 limit recorded in 2013. On average men need permission to spend £245 and above, while the average ‘free spending limit’ is £321 for women.
Regionally couples in the North West (£193) and Scotland (£197) have the tightest rein on their partner's access to joint savings.
Pros and cons of joining forces
Philip Robinson, Savings Director for Lloyds Bank said couples could earn more by joining forces and combining pots.
Some saving accounts and current accounts offer a higher rate of interest for larger balances, so pooling funds could be a good idea to earn a better return. For example, the Santander 123 Current Account pays 3% on balances between £3,000 and £20,000.
However, saving independently makes sense to take advantage of individual ISA allowances as individuals can save up to £15,000 tax-free in 2014-2015.
Also only deposits up to £85,000 are protected by the Financial Services Compensation Scheme per individual per institution, so couples should keep this in mind before putting all their eggs in one basket.
Do you keep your savings and investments separate from your partner? Do you have money saved away in secret? Let us know in the comments box below.