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UK men keep savings secret from partners

Men in the UK have secret savings amounting to £7.4bn which they are not telling their partners about, according to a new study from Virgin One.

The survey was planned to coincide with the relaunch of Virgin&#39s current account mortgage last month and arrived at that figure by multiplying £6,385, what it says is the average amount saved by an individual man, by 23,266,900, the adult male population.

Virgin One says one in 20 men are keeping quiet about their savings because they would not trust their partners with the money. It claims 25 per cent of men who have hidden savings have £10,000.

A quarter say they have not told partners they have savings because they do not have money management skills and would want to spend all the money. A fifth of men do not trust their families either saying if they got a surprise windfall of £10,000 they would not tell them.

Men are three times more likely to treat themselves if they get some bonus cash than women, who say they would splash out on their friends and family if they came into some money.

But women are twice as likely as men to say they would put the cash in a “running-away fund”. The research was carried out among 1,000 people in January.

Virgin One spokesman James Duffell says: “If men were prepared to have more honest and open discussions about their finances and what they desire, it would be easier to make longterm plans that suit everyone despite the differences in their money habits.”

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