Nearly two in five people in relationships admit to committing 'financial infidelity'
A survey has revealed that nearly two in five people in a relationship in the UK are committing 'financial infidelity' this Valentine's Day.
The research shows that almost a third of people admit to having money stashed away in a secret account.
On average, they are hiding from their partner more than £1,600 in savings – which goes up to £2,000 for those over 55.
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The survey, conducted by wealth and retirement solutions provider Aviva, also found that a quarter (26%) of couples argue about money at least once a week.
What's more, around 5% say they fight about finances every day, while 27% of people clash over bills and 18% quarrel about having too much debt.
Additionally, one in ten (12%) say bickering about money in their relationship has increased significantly since the cost of living crisis.
Financial infidelity is defined as "an act of dishonesty relating to personal finance between two people in a relationship".
This can include having secret credit cards or savings accounts, lying about debts, or gambling and hiding purchases from partners.
When asked in the survey why they have a 'rainy day' fund, a quarter (25%) said they wanted to be able to treat themselves without their partner knowing and a similar number (24%) say it’s to pay for their children's education, first car or first flat.
Unfortunately, one in five (21%) admit it’s a precaution in case their marriage breaks down and 15% need to pay off a debt they have concealed from their partner.
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Despite this, more than two thirds of couples (67%) have a joint current account and half (51%) have a joint savings accounts.
Alistair McQueen, head of savings and retirement at Aviva, says: “Money is often a taboo subject in relationships, and at times it can be hard to discuss it rationally.
"Hiding savings or concealing debts from your partner can be a huge source of tension, and it can also seriously impede longer-term financial goals and ambitions.
“Being upfront, honest and transparent about your finances with your partner can help avoid problems in the future.
"Having a general view of how much is being spent each month, along with overall debts or savings across the household can be important when it comes to making decisions about longer-term financial objectives like when you can afford to retire, or whether to downsize your home to release some capital to help your children."
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