Why Are a Third of British Men Hiding Money from Their Partners?
Trust in Britain is at or near historic lows, with the public showing diminished faith in government, media, and businesses. Until recently, it seemed that personal relationships, especially with partners, remained a bastion of trust. However, new figures indicate this trust is also under threat.
According to the latest Handelsbanken Wealth Survey, an independent and nationally weighted poll of 4,000 adults, a surprising 29 per cent of Britons admit to having money they keep secret from their other half. This secrecy is not limited to small amounts or one gender; both men and women are hiding significant sums.
Gender and Age Variations in Financial Secrecy
The data reveals notable differences by gender and age. A full 33 per cent of British men are concealing funds from their partners, primarily through secret bank accounts, with 11 per cent also having secret investments and 5 per cent holding secret assets, including property in some cases. Meanwhile, 26 per cent of British women are engaging in similar behavior.
Age plays a crucial role in this trend. For women, fear of divorce peaks in the 18-24 age group, which also hides the most money. For men, the 35-44 bracket shows the highest fear of separation, with over half—51 per cent—stashing away covert funds.
Methods and Amounts of Hidden Wealth
Fortunately, most individuals trust their banks, with only 8 per cent of men and 6 per cent of women hiding physical cash around the house. The average hidden amount is substantial: British men conceal just over £40,000, while women hide £30,000. When accounting for the wealth gap between genders, this suggests women might be hiding a greater proportion of their assets than men.
Interestingly, 34 per cent of respondents are hiding sums between £500 and £5,000, which could be intended for surprises like engagement rings. However, for larger amounts, the motivations may be more complex.
Legal and Practical Implications
Under UK law, both parties in a divorce must provide full disclosure of all assets. Intentional concealment can lead to serious consequences, including reopened cases and penalties such as imprisonment. Despite this, many remain optimistic about divorce, with only one in five expressing concern, even though 42 per cent of British marriages are expected to end in divorce.
For those hoarding significant sums, consulting a financial adviser is advisable. A 2022 FCA investigation found that 87 per cent of Britons who use financial advisers trust them, highlighting an area of open and effective relationships.
In summary, while financial secrecy in relationships is rising, open communication and professional advice can help mitigate risks and foster trust.
