Almost a Quarter of UK’s Couples Have a Secret Bank Account

Over half of British couples do not pay their salaries into a joint bank account and nearly a quarter have accounts that their partners know nothing about, a new study has found.

Disparity between what people ‘say’ and ‘do’ comes when asking UK’s couples how they manage their day to day money.

The latest research from Nationwide Building Society reveals that 53% do not pay their salaries into a joint account and 22% own secret accounts that their partners do not know about.

Ironically enough, couples surveyed also assured that honesty (43%) and trust (32%) are the most important values they expect from their relationship.

Life’s key milestones

Additionally, the study shows that crucial moments in a couple’s life are the ones that make them review their financial arrangements.

A total of 44% of those interviewed assured that getting married was a reason that made them review their shared finances. On the other side, moving in with a partner was what made people review their current financial arrangements for 32% of couples.

Only around 10% of those surveyed said they had changed their current account recently and 41% said they had never changed their current account. According to 88% of people, though, this is because they set it up years ago and have never thought to change it or are still happy with it.

“It’s understandable that people don’t want the perceived hassle of changing their current account, but as we go through life, our financial needs change. Without regular financial reviews, we run the risk of living with a potentially costly and outdated current account which no longer serves our needs,” said John Crossley, head of current accounts at Nationwide.

It is important to ensure that you and your partner are not missing out on money saving extras. However, if you are facing financial problems or would like to treat yourselves, a payday loan is the best way of getting hold of cash when you need it quickly.

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