One in five couples lie about savings

Divorce | 2 Oct 2014 1

As many as one in five couples lie to each other about how much money they have, a new study suggests.

In a survey of 1,851 people, 13 per cent of people over 40 admitted secret savings or investments. The average amount of hidden money among these couples was £20,800.

Twenty two per cent of men were found to have a secret savings account, compared to only 16 per cent of women. However, the results showed that nearly a quarter of women who have one admitted it was to safeguard against a potential breakup. Only 11 per cent of men cited a similar motivation.

The study found that savings were not the only financial matter couples are dishonest about.

Around 13 per cent admitted to hiding an average debt of £7,800 from their partners. According to the survey, women are more likely to keep information about the amount of money they borrow a secret.

Additionally, one in seven couples were dishonest with each other about their salaries, the survey claimed. Of those people, 28 per cent said the reason for their deception was to maintain their independence.

The survey was conducted by insurance company Prudential.

Vince Smith-Hughes, a retirement income expert at the firm, said couples should be “very wary” of hiding finances from their partners. He added that while some of their reasons for dishonesty may seem “perfectly valid”, it was vital that couples have a “full understanding” of their circumstances.

The blog team at Stowe is a group of writers who share their advice on the wellbeing and emotional aspects of divorce or separation from personal experience. Guest contributors also regularly contribute to share their knowledge.

Get in touch

    Request Free Call Back

    We remain open for business during the COVID-19 outbreak. Submit your details below, and we’ll arrange a free, no-obligation call back at a time to suit you. To ensure we are the right fit, we need to make you aware that we cannot offer Legal aid.

    Comment(1)

    1. Andrew says:

      Ah, but are they telling the truth to the people who did the survey?

    Leave a Reply

    Close

    Newsletter Sign Up

    For all the latest news from Stowe Family law
    please sign up for instant access today.



      Privacy Policy