Almost half of parents have a secret savings account partners and families aren’t aware of, according to a new survey.
Saving money can be difficult, especially amid a cost of living crisis . For parents, primary school trips and school lunches and the multitude of other things children need, mount up quickly. With little money left over for themselves, it's unsurprising to learn that a quarter of Brits regularly hide purchases from their partners . Now, a new survey has found that almost half of parents (48%) have a secret savings account, too.
The survey was carried out by Opinium on behalf of the Building Societies Association (BSA) for UK Savings Week and 2,000 adults were interviewed. One of the main reasons parents have secret savings is to maintain some independence, but others are saving to surprise their family or partner in future, perhaps with a gift or holiday.
Amelia Murray, the deputy editor at Be Clever With Your Cash, commented, “This research is a reminder that money is incredibly emotional, for individuals and couples, alike. There are lots of reasons why people may keep their savings a secret from their partner, and it’s not always a bad thing.”
According to the research, 40% of those with savings up to £100 had positive feelings about them, like optimism and a sense of achievement and pride, while the figure goes up to 68% for people with savings between £6,000 and £12,000.
In contrast, those without savings said they have negative feelings when they think about it, like worry, anxiety, shame and guilt. Three-fifths (60%) of people without savings said they just didn’t have any spare money to save, while 23% said it’s because their savings goal is unachievable, and a further 22% said there’s always something they need to use their savings for before they have the chance to build up.
However, 42% of those without any savings said they were confident they could start saving up by putting away at least £10 a month.
Murray added, “It’s encouraging to see that so many non-savers feel they’re able to start a regular savings habit. There are no right or wrong ways to save, and it’s fine to be flexible. Sometimes life throws us some unexpected curveballs and we may need to adjust how much we set aside.”
In other money news, a new report lays bare the 'disproportionate impact' childcare has on a mother's career, and these labelling kids’ school uniforms hacks could save parents £2,000 a year. Not only that, but new parents can save 10% with COOK for 12 months. However, high demand for nannies is driving up costs, as impact of childcare shortages hits families.
