Why Do British Adults Hide Money from Their Partners?

July 14, 2017 , In: Finance , With: No Comments
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Secret savers

It’s always been said that love translates to giving a blind eye to heaps of mishaps that occur in a relationship while forging ahead. As far as most of British couples and many others around the globe are concerned, this statement sounds correct. However, it fails to hold when it comes to couples putting their bank affairs open. Don’t you think it is time you talked about your bank matters with your significant other?

Auto Europe developed a keen interest in this matter and went out to investigate. Research conducted of 1500 adults in the UK revealed that a high percentage of both genders have separate savings as well as a joint account with their partner.

The research conducted on the eve of Valentine’s Day this year, uncovered a somewhat surprising amount of money termed as “escape funds” among 23 percent of those interviewed. AutoEurope carried out light interview sessions among men and women in serious relationships.

A key finding from the survey is that one in four admitted to purposely having some secret funds concealed from their partners.  A surprising 23% save for security reasons should things turn sour in their relationships.

Another explanation given by a number of respondents is that they needed some “financial independence” from their partners. This form of independence translated to being able to take a personal get-away anytime to any place on the globe. A time to spend their holiday getaways far away, either alone or with friends.

Whilst financial freedom dominated the reasons given by most of those who took part in the research, a number of people also cited fear of joint savings being squandered by their partners, hence the reason to have a secret finance.

A spokesman for autoeurope.co.uk said: “As a company that helps people to save money on car hire, we understand how important it is for everybody to have a saving aspiration. Our research suggests that people in relationships show a determined effort to save towards well-earned indulgences on their own.

“From holidays to far-flung destinations without their partners to mini-breaks with their friends, it seems that time apart and away from each other is key to feeling a sense of freedom while remaining financially independent in a relationship.”

“No matter what your savings aspirations are, or when you might need it, you’ll always save with us on low cost car hire.”

When asked whether the idea of having secret funds was moral, autoeurope.co.uk received varying responses. Some felt that it was detrimental in the long run. Some felt it was a deceitful move which often forms a ground for termination of a relationship once unveiled. As for others, they expressed their concerns that it is worth having “escape funds” buried somewhere at least.

In contrast, 57 percent said they would be delighted. A greedy one in twenty of those said if they found wads of cash in the house, they would keep it for themselves. Do you have secret savings? What are you saving for?

 

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