UK Secret Savings Top £3 Billion | Prepaid365

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10 December 2014

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The total amount of stashed savings has increased to more than £3 billion between 2013 and 2014, as more individuals attempt to put money aside.

That represents an increase in secret savings of 9% in a year, with the average UK couple now keeping 63% of their savings in sole accounts. More than one in ten people keep at least some of their savings a secret from their partner too, with women more likely than men to hide their funds.

Around 12% of women and 9% of men were found to have secret savings according to the latest Lloyds Bank Savings report.

Changes in how people save

The average stashed amount is £1,262, all of which contributes to a savings stash of more than £3 billion.

Younger couples are more likely to save independently, although 2014 has seen a rise in consumer spending suggesting the purse strings are no longer held as tightly.

For older generations, the split between saving in a joint or sole account is around 50/50 but 82% of the 18-24 age group will save individually rather than collectively.

This is up from 80% in 2013 as a growing number of people are looking to have more control over what they spend.

Permission to spend

Of those individuals with joint accounts, 49% said they expect their partner to tell them before they spent while only 9% of people said they would spend without notifying the other person.

The average spending limit for people to purchase without asking for their partner’s permission has risen significantly in the past year.

In 2013, the figure stood at £183 for a transaction but that has increased to £286 in 2014 while men’s spending tends to be more monitored. On average, men must ask their partner when spending £245 or more while that figure is around £321 for women.

Meanwhile, couples in the North West and Scotland wish to have the tightest hold on each other’s access to savings, requiring permission to spend £193 and £197 respectively.

Secret savings

One in ten people keep savings secret from their partner, with the typical secret saver hoarding around a third of their savings. This is marginally higher than in 2013 when people kept 28% of their savings away from their partners.

There are currently 2.4 million secret savers in the UK, which is why the total figure totals billions of pounds. It does however mean that many families have at least some level of financial security going into 2015.

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