UK Money News
25th April 2008
Couples to become more secretive over savings
Advances in technology will fuel a huge rise in the number of couples who do not disclose the level of their savings with their partner, it has been predicted.
A report conducted by the Future Foundation on behalf of NS&I forecasts that between now and the 2050s the number of people who are secretive about their finances will grow by 300 per cent.
This would represent a return to the way that relationships were conducted in the 1950s when it was common for husbands to keep their wives in the dark as to how much they earned.
The trend will be prompted by the rise of mobile banking which makes it easier to manage finances in secrecy, according to Dan Harkins, senior savings strategist at NS&I.
He said: "The change in the way people manage their finances and the advances in technology are widely heralded as progress in financial services.
"It is fascinating to see that they could lead to a trend of more individuals also having secret accounts and stashes of money, giving them much more freedom in the way they save and spend their money, whether that be on shoes or cars."
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