- 51% of us said that our other half does not know their annual income
- 59% of millennials have secret financial products
- Talk Money Week (9th-13th November) aims to get the nation to start having conversations about money
As a nation we are notoriously secretive about our money. Yet, while the coronavirus pandemic is causing financial uncertainty for many of us, it is better to build resilience now by opening up to someone about money worries, to help us cope better with what the future may throw at us.
However, our secrecy is not just with our friends and colleagues, it’s also with our partners. According to research conducted by the Money and Pensions Service (MaPS) of over 5,000 people across the UK, 51% of us said that their other half does not know how much their annual income is. In fact, 38% of us stay completely silent about money worries because of embarrassment or fear of being judged.
Of those who have kept financial products a secret, it is hidden credit cards (36%), undisclosed personal loans (23%) and secret savings accounts (21%) that are the most common.
Indeed, millennials (25-34 year olds) proved to be the most secretive generation with 59% disclosing they have secret financial products, compared to just 25% of retirees.
The research has been launched to mark the start of Talk Money Week (9-13 November), a public awareness campaign to improve financial wellbeing by encouraging people to open up about their finances, from pocket money through to pensions.