By Charlotte Beugge ...

Secret savings stash: Britons hide £4.6 bn from partners

By Charlotte Beugge

Secret savers have a hidden stash of cash and investments totalling an average of £1,037 from their nearest and dearest, according to a survey by the Prudential.

Some 15% of Britons aged over 40 who live with a partner or are married keep a secret horde of cash. In total, this could mean that 4.5 million Britons have secret savings worth £4.6 billion.

Nearly one in four (23%) of those with a private stash of savings and investments say they have the money as a fall back in case they split up with their partner. One in ten keep secret funds because they say their partners are not financially competent enough.

Women are more likely to keep their funds hidden from their partner, with 18% admitting to hiding savings averaging £1,002. This compares with 12% of men, who conceal an average fund of £1,072.

Around two in five secret savers say they will use the money to supplement their retirement income - even though 20% of those surveyed admit to never having discussed financial planning for retirement with their spouse or partner.

The research found that 17% of Britons did not like discussing finances with their partners. Although two-thirds had not taken financial advice as a couple, 10% said they’d sought advice on their own behalf.