According to a new study from the Money and Pensions Service (MaPS) to mark Talk Money Week, at least 21 million financial products are being kept a secret by people from their loved ones.
A survey of over 5,200 people across the UK was launched to mark the start of Talk Money Week (9-13 November 2020) and run by MaPS to raise public awareness and to encourage people to talk about their finances from pocket money through to pensions.
The survey revealed:
The most common financial product secrets were:
Millennials (25-34-year olds) are the most secretive generation with 59% (3 in 5) hiding money products compared to 26% of retirees (65+).
The most common hidden products in 25-34 years olds were:
The study also revealed people in relationships underestimated the extent of money secrets their partners keep from them and once they opened up to partner's their finances became easier to manage.
In relationships across the UK the research suggests that when it comes to their partners financial situation almost a third (30%) said their partner does not know how much their annual income is approximately.
During Talk Money Week and beyond MaPS provides a wide range of resources to help people improve their financial wellbeing, starting from a conversation.
This is a tough. Some couples elect to keep money seperate anyway. Others get themselves into debt and are embarrassed. Others gamble. Others do have a 'secret life' outside their relationship. Others simply hold a card and secret email address so that they can even buy gifts for their partner without it being known and thus a genuine surprise on birthdays, anniversaries and the festive season.