How Much Money Do You Hide From Your Partner?
It’s bad news for romantics – according to a new survey, one in seven couples above the age of 40 hide money from their partner.
The good news is that you have probably got more money than you think.
A new survey by the Prudential insurance company has discovered that one in seven couples above the age of 40 – in other words, an age when disposable income becomes a possibility rather than a risible dream – are lying to each other about how much or how little they earn and what they are doing with.
The men from the Pru say that of those one in seven, 26% have a stash of savings averaging around £4,000 that they keep hidden from their partner. Why? Fifty-one per cent of the savers say it is to preserve their independence, 16% say it is in case they split up and 22% say it is because they don’t trust their partner’s financial decision-making.
But they are the lucky ones, 22% of people are hiding an average debt of £7,800 from their other halves.
When it comes to the divvying up of work spoils between couples, there are many choices – most of them bad, none of them perfect. Outwardly the best is the full joint account – each person puts their salary in, each one takes it out for bills or personal use as they see necessary and fit, and not even a querying eyebrow is raised at any point throughout 50 years of married bliss.
Separate accounts and equal division of bills is fine, until incomes become unbalanced. You can try proportionate allocation of bills if you like, but it won’t work. Rich X will start to resent poor Y, who still uses half of everything. Why? Because love does not conquer all – it conquers barely anything, least of all cash.
As for ad-hoc arrangements, they all end in tears and/or the bailiffs. Don’t even try it.