Couples In The Dark (But Women In Control)
Friday 22th July 2011: New research out today reveals that the average Brit is hiding up to £1,800 from their partner – nearly a quarter of which (23 per cent) is debt(1).
The study by Sheilas’ Wheels home insurance found that 28 per cent of couples have no idea what their partner earns, or what savings or debt that they have accrued, but men are most dishonest when it comes to money with almost a third (29 per cent) admitting they are not open with their partner when it comes to finances.
Over half of Brits (58 per cent) do not tell their partner when they buy something using the joint account with over a quarter of those surveyed (26 per cent) admitting to sneaky spends on clothes and jewellery. 16 per cent of those polled admitted to using their joint account to fund a mini-break away and a fifth (20 per cent) have even made big purchases such as a car without their partner’s consent.
The poll revealed that whilst 67 per cent of co-habiting couples have a joint bank account, 33 per cent prefer to keep totally separate financial arrangements and for those that do have joint finances - this is purely to cover household bills (23 per cent).
Two fifths of couples polled (40 per cent) do not have a joint bank account because they think their other half is irresponsible with money, whilst one in five (22 per cent) worry their partner will spend from it without telling them.
Findings from the survey also revealed that nearly a third (37 per cent) of those polled have a secret stash of money that they keep hidden around the home. The most popular hiding places (apart from in the bank) are inside a drawer (15 per cent), the closet (five per cent) and even the fridge or freezer (two per cent).
Jacky Brown, at Sheilas’ Wheels home insurance, commented: “We thought that hiding cash under the mattress was just a myth but it seems this is becoming a reality for both men and women who are unsure of how to share and manage their finances.
“People should be aware of the sums of money and valuable posessions that they keep around the home and should check their contents insurance policy limit to make sure they won’t be left short-changed if the cash in their home was stolen or destroyed by fire.”
19 per cent of couples polled admitted that they regularly argue about money with more than a fifth (22 per cent) naming this as the main catalyst for disputes. A further 12 per cent of those polled admit they have considered breaking up with a partner over money.
Regional breakdown
Nearly a third (35 per cent) of people from Wales do not trust their partner with money - the highest of any region polled. Londoners are more likely to keep money from their other halves hiding on average £798 of ‘secret debt’ and £1,666 in savings, in comparison Scots are the most honest region when it comes to money, hiding a more modest £310 in ‘secret debt’ and £638 in savings. However, people from Scotland are more like to argue about money with 23 per cent admitting they have regular disputes with their partner over money.
Gender divide
When it comes to managing the finances the study revealed women are in control. 19 per cent of men admitted that their partner controls the bulk of the finances in their relationship. Over half of woman (51 per cent) takes charge of the bills in the relationship, with 16 per cent admitting they would go to their friends for financial advice over their partner.
- Over a third of women (36 per cent) keep their accounts divided to maintain a sense of financial independence, while 17 per cent of men said they were unwilling to share earnings with their partner.
- More than one in ten men (11 per cent) admit that money is more important to them with nine per cent revealing they have even broken up with a partner over money.
- In contrast, 42 per cent of women treat their partners when they receive a pay rise, with 67 per cent using their own account to buy a present for their other half at least twice a year.
- Ends -
For further information please contact the Sheilas’ Wheels press office at Mischief on 020 7100 9999 or email sheilaswheels@mischiefpr.com
Visit the media centre: www.sheilaswheels.com
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Notes to Editors:
(1) Sheilas’ Wheels used the independent online research company Fly Research who surveyed 1,048 people in a relationship across the UK, aged 18 and over, between the 17 and 20 June 2011.
