Borrowing money, Featured, In the media

Hidden Debt – Hidden Savings

1 Comment 03 September 2012

A recent study of 2000 UK adults produced by the Co-operative Bank:  Modern Families and Households has suggested that many people in the UK are sitting on a secret mountain of debt which they are keeping hidden from their partners. About 10% of women said they hide their debts from their partner, compared with around 15% of men the report found. 62% of those  surveyed said they have debt in the form of credit cards, overdrafts and mortgages. On average men said they were £14,228 in the red, but women’s debt levels were higher at £22,418.

The report also found that 13% of those surveyed are also keeping  savings hidden from their loved ones, with £9,517 on average being hidden in secret accounts. Parents with children aged 19 and over are more likely to have saved up a stash of secret cash over the years with an average of £14,700 in accounts, compared with those with dependent children under 18 who have around £4,495.

When questioned about how they manage their financial affairs, 21% of couples said they keep them completely separate and do not have any joint accounts at all. 38% have a joint current account and 25% have joint savings accounts. Younger couples are much less likely to hold joint accounts than older couples. For example, 27% of couples aged between 25 and 34 have a joint account compared with 48% of 55 to 64-year-olds.

Read more about this report here

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