Brits keep secret bank accounts (and secret debt)
More than seven million people in the UK keep a current account secret from their partner, according to research. It's long been known that debt and finances are a main cause of fighting and problems between couples, but this new research shows that the problem goes much deeper than that.
Abbey National bank discovered 12% of the population now keep a secret account in their latest survey, with the highest proportion belonging to those in the 25-34 age bracket. There seems to be a lack of trust when it comes to money in many relationships, which can breed from many reasons. Quite often in relationships, one partner may be careful with money whilst the other isn't. If one of the partners feels the other is irresponsible with money it can be an extremely frustrating time. The frustration is only escalated when the couple hit financial hardship and find themselves looking for debt solutions like consolidated loans, and the spendthrift of the couple feels like they are suffering from their partners financial mistakes.
The survey found that the 16-24 age group were the most honest, followed by the 55 plus group. It also found that account secrecy did not discriminate between the sexes, with both men and women admitting to hiding accounts.
Additional research on money and relationships by Financial Services Authority (FSA), has found three quarters of British couples find money the hardest topic to talk. Perhaps the fact so many people are keeping a secret stash has something to do with it.
Steve Shore, head of banking at Abbey, said, "Whether or not you keep your actual account itself secret there are some things that you should always keep to yourself - never share your chip and pin with anyone - even if you share a joint account with someone."
If you or your partner is in debt it's always best to talk openly and honestly about your debt. You can also call the Debt Advice Trust for free, confidential debt counselling over the phone.
