HomeLife StyleAre you among the...

Are you among the surprising number of Brits who hide savings from their partner?

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

A recent report into the saving habits of Brits has revealed 27 per cent of respondents admitted not telling their partners in full about savings, investments or other assets they hold.

My Pension Expert polled 2,000 adults across the UK and their findings suggest there could be friction ahead for those in long-term relationships over the matter.

A total of 23 per cent of respondents also believed their significant other had kept money or assets regarding retirement plans from them.

“In the long term this can be very problematic because couples won’t be able to fully grasp their financial situation,” My Pension Expert policy director Lily Megson, said per the Financial Times. “It really inhibits their capacity to achieve their retirement [goals] and can cause a great deal of stress.”

Megson suggested that “lack of financial engagement or understanding” might be behind some of the bridges in communication, though others could have concerns over their partner’s “potential mismanagement of money” and storing some aside for future use or emergencies.

The Resolution Foundation last year reported that up to 39 per cent of people were saving too little for retirement, though the 2012 introduction of pension auto-enrollment has had a hugely positive effect. Up to one in three families remained “financially vulnerable” though, with under £1,000 in savings available.

While setting aside some secretive cash or investments for the future might therefore seem wise to some individuals, the FT report highlighted one particular moment when they could come to light, potentially causing rifts: during credit applications such as obtaining mortgages together.

Joanna Newton, partner at Stowe Family Law, told the paper that in older partnerships it also might be more to do with “social norms” of yesteryear meaning the man took care of finances – though divorce cases can also see such hidden assets come to light and cause further problems.

Investment platform Moneyfarm report that Britons save £105 per month on average, though the variance is enormous depending on income levels: high-income families have an average of almost £63,000 saved, while low-income families may have an average of under £100 saved.

Ongoing cost-of-living issues have seen this gap continue to widen, their research shows.

Source link

- A word from our sponsors -

spot_img

Most Popular

More from Author

- A word from our sponsors -

spot_img

Read Now

Jack Quaid on how he transformed a rare condition into a superpower in new film, “Novocaine”

Actor Jack Quaid stars as a man who can't feel pain in "Novocaine," a new action film that opens in theaters Friday.Quaid, known for his role as Hughie in the hit series "The Boys," plays Nathan Cain, a character with a real but...

Stock Market Holiday On Holi: Are BSE, NSE Open Or Closed Today?

Last Updated:March 14, 2025, 06:30 ISTBSE and NSE will be closed on March 14, 2025, for Holi. Trading activities will be paused. Banks, financial institutions, and government offices are also likely to be closed.Stock Market Holiday: Will The Indian Stock Market Be Open Or Closed Today?Stock Market...

Choice prose – India Today

Download App Get 37% off on an annual Print+Digital subscription of India Today MagazineSUBSCRIBENehru-Indira letters captivate.ISSUE DATE: Sep 15, 1992 | UPDATED: Aug 1, 2013 17:51 IST Two Alone, Two TogetherEdited bySonia Gandhi Hodder & StoughtonPages: Source link

‘Blood Moon’ Total Lunar Eclipse: When and How to Watch

From Thursday night into Friday morning, Earth’s shadow will swallow the moon, transforming the usually pearly orb into a striking red sphere.It’s the first total lunar eclipse in more than two years. Also known as a blood moon, the event will be most visible across the Americas,...

Princess Diana ‘greatest worry’ if she were alive

Princess Diana would be devastated over Prince William and Prince Harry’s fight, says her former lover.The former Princess of Wales, who famously dated James...

Gujarat Announces Two Major Expressways Worth Rs 96,240 Crore | Mobility News

Gandhinagar: The Gujarat government on Wednesday announced two massive expressway projects, with a combined investment of Rs 96,240 crore. During discussions on Budget demands for the Roads and Housing Department and the Cooperation Department in the Assembly, Minister of State Jagdish Vishwakarma shared details of these ambitious...

Ahead of World Tour, Blackpink’s Members Venture Out On Their Own

Jennie also finds a way to call back to her foundation in the group — “Like Jennie” is a wild dance-floor romp, produced partly by Diplo, that futurizes the Blackpink sound, and features some of Jennie’s toughest rapping. “Mantra” is a slightly smoothed-out, commercial-ready version of that...

E.P.A. Declares ‘Greatest Day of Deregulation Our Nation Has Seen’

In a barrage of pronouncements on Wednesday the Trump administration said it would repeal dozens of the nation’s most significant environmental regulations, including limits on pollution from tailpipes and smokestacks, protections for wetlands, and the legal basis that allows it to regulate the greenhouse gases that are...