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Post Office: Brits have secret savings worth £92 billion

More than 10 million (28%) UK savers are keeping financial matters a secret from loved ones by hiding a total of £92 billion in savings, according to research from Post Office Savings. The average secret savings account reportedly contains £8,717.

Approximately 41% of secret savers hide their savings from their partners. Those who are married are much more likely to keep their savings concealed from their spouse (27%) than those who are cohabiting or in a more casual relationship (14%). Sadly, savings silence causes tension for 13% of people, and has actually caused a breakup among 16% of married couples. 

Many savers admitted to keeping quiet because they are concerned that revealing details of their savings could have unintended implications. Approximately 16% of secret savers fear others will ask to borrow money and a further 15% are worried that if they lend money they won’t get it back. Half of these secret savers keep quiet because they believe their finances are a private matter and shouldn’t be discussed, and 13% don’t want to make their non-saving friends and family feel uncomfortable.

Henk Van Hulle, head of savings and investments at Post Office, said: “Despite money matters being a bone of contention with many people, especially those in relationships, it is interesting that people still choose to keep their savings secret from those closest to them.

“Many believe there is still something fundamentally embarrassing about discussing personal finances, but a fair few are worried about the implications of revealing details.

“Some worry they won’t get the money back if they lend to family and friends, indicating people may be concerned about the possible tensions caused by unpaid debts.”

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