A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to research by Aviva.
The research also found that while more than two-thirds of couples (67%) have a joint current account and half (51%) have joint savings accounts, 38% of people surveyed admit to having ‘money stashed away’ that their other half doesn’t know about. On average, these ‘secret savings’ amount to more than £1,600 each. A third (32%) claim to have more than £2,000 in a ‘rainy day’ account, including half (50%) of those over 55.
When asked why they have money in a secret account almost a third (32%) agree that they want to keep some control/independence of their finances; a quarter (25%) want 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/ first flat etc. Sadly, one in five (21%) say it’s a precaution in case their marriage breaks down and 15% need to pay off the debt they have concealed from their partner.
Aviva’s research also reveals that money is a common source of tension in a marriage or relationship. A large proportion (26%) of respondents say they bicker about money at least once a week, of which around 5% admit to arguing about money daily. 27% of people argue about bills and 18% quarrel about having too much debt.
A third (34%) say that this constant arguing about money has increased due to the cost-of-living crisis and more than one in ten (12%) recognise that disagreements have increased significantly.
If you’re struggling to make monthly repayments or worried things are heading that way, it can feel like there’s no way forward. However, the first step to solving money problems is knowing where to turn.
Struggling with debt?
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in financial difficulty. We can advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt. Call 0800 121 48 63.