Women hiding savings

Monday, 20 March 2006 12:00

Millions of British women are hiding savings, spending, and credit card bills from their partners - new research shows.

Figures from First Direct show that one woman in five (19 per cent) keeps savings under wraps, while a similar number admit to not telling their partners about their credit card balance.

Even more (24 per cent) have lied about the cost of a new purchase to their partner.

Although, rather than a rise in dishonest women, First Direct points to drive for financial independence by the UK's female population as being behind this phenomenon.

More than one woman in four thinks keeping finances separate within a relationship is important, the bank reveals, with 26 to 30-years-olds the most independent.

Additionally, those earning between £50,000 and £60,000 a year are the most likely to keep their finances separate.

Women aged between 51 and 55 are the most open about their financial dealings, with female workers earning between £40,000 and £50,000 the most open.

"Over the last five years3, we've seen a large rise in the number of solo account applications when compared to joint as more and more couples elect to keep their finances separate," said Richard Kimber, First Direct's chief executive.

"We've also seen that our female customers are better savers by putting aside almost 20 per cent more of their income4 compared to men of the same age.

"These findings are hardly surprising, as today's couples are marrying later after years of managing their own money. It also reflects the fact that over two-thirds of today's women have their own income through working, compared with just 43 per cent back in 1971.

"With divorce rates higher than ever, and money the number one cause of arguments amongst couples it's no wonder over three million women are keeping a hidden financial lifeboat."

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