Couples Get Secretive Over Savings

Look back 50 years to a time when it was predominantly men who bought home the bacon, were in control of the family finances and kept their other halves informed about their earnings and expenditure on need to know basis only.

Now, look forward 50 years and reverse the situation to one where women are in the ‘financial driving seat’, matching or exceeding their partner’s income and leaving their partner in the dark about major financial decisions. If decisions made by the NS&I’s ‘Century of Savings’ report are fulfilled, this will indeed be the case.

The findings, collated by the Future Foundation on behalf of the NS&I, also forecast that over the next 50 years we will see a trend for increased financial independence between couples, with a predicted 300% increase in the number of married or cohabiting individuals keeping at least some of their financial affairs secret from their other half.

If this is the case, over a quarter of the population will be borrowing, spending and saving without their partner’s knowledge. This represents a massive increase from the 8% thought to do so today and is a change that’s to be driven by the growing popularity of the WAP phones, laptops and PDAs that facilitate mobile and remote banking in combination with an increasing trend for couples to have both joint and sole accounts, allowing for more financial freedom.

Commenting on the findings, Dax Harkins, senior savings strategist at NS&I remarked:

"The change in the way people manage their finances and the advances in technology are widely heralded as progress in financial services. It is fascinating to see that they could lead to a trend of more individuals also having secret accounts and stashes of money, giving them much more freedom in the way they save and spend their money, whether that be on shoes or cars."

However, he also warned that: "A lack of knowledge and control over a partner’s finances may lead to friction among some couples who are used to influencing such decisions."