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You are here: Home » News » Ten per cent of all UK savers have a secret savings account

Ten per cent of all UK savers have a secret savings account

13. Sep, 2010 Categories: News by Business Bank Accounts 0 Comments

New research recently conducted by the Post Office has uncovered that over ten per cent of all UK adults keep a “secret” balance in a savings account of £2,000 on average in addition to not informing their domestic partner of the hidden money.

In new data that could be interesting to those of us with savings accounts through the Post Office, the personal and business bank account provider recently found that approximately 15 per cent of its savers freely admitted to keeping a hidden stash of actual paper money; the average amount of the hidden cash came to £2,033.

The financial institution also discovered that five per cent of its customers, with or without a credit card from the Post Office, admitted that have secretly kept in excess of £10,000 in an account they did not disclose the existence to in regards to their spouses; it was more likely that men would keep the secret account than it was that women would.

A full 25 per cent of these secret account holders admitted that the money had been hidden away in order to act as a safety net in the even that their relationship turned sour, but at 18 per cent, nearly one out of four surveyed said they did not reveal the existence of their emergency fund merely because they wanted their personal financial information kept private.

In related news, recent research conducted by insurance provider Aviva found that approximately one out of every four people over the age of 55 currently living in the UK have had to face the necessity of dipping into their retirement savings in order to keep up with the higher cost of living expenses thanks to the global economic downturn.

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Tags: Business Bank Account Updates, credit card, savings account