According to research conducted by iReach Insights on behalf of Aviva Life & Pensions Ireland, individuals have secret bank accounts primarily to enhance their sense of security.
The study revealed that 13% of adults maintain a bank or savings account that they keep undisclosed from their partner.
Financial infidelity is the term used to describe the act of secretly maintaining a savings account without a partner’s knowledge, as highlighted by some experts.
Having a secret account provides individuals with a greater sense of security. Additionally, people enjoy the notion of owning something exclusively for themselves.
Some respondents admitted to having hidden funds due to their partner’s poor money management skills.
Interestingly, individuals between the ages of 55 and 65 were the least likely to have undisclosed savings accounts.
However, 25% of those aged between 25 and 34 confessed to maintaining secret accounts unknown to their partners.
The reasons for these secret accounts varied, including long-time ownership without mentioning it, and as a precautionary measure in case the relationship ends.
Among respondents with secret accounts, 17% mentioned their reluctance to share those funds with their partners.
Furthermore, some older individuals with secret accounts claimed that they had acquired them prior to their current relationships and did not consider it necessary to disclose them.
Notably, individuals aged 45 to 54 were the most likely to mention the security aspect as the reason behind their secret savings accounts.
Among regions, Dublin residents displayed a higher likelihood of having secret savings accounts, followed by Munster.
Stephen Rice, a representative from Aviva, stated that financial security is a common goal for adults. Having separate savings accounts can provide individuals with peace of mind and access to funds in case of unexpected events.
Mr. Rice also noted that men and women are equally likely to maintain secret accounts unbeknownst to their partners.
According to the Aviva survey, individuals with secret savings accounts have an average balance of €12,000. Men tend to have a higher average balance of €15,592 compared to women, whose average balance is €10,044.
Today’s News In 90 Seconds – July 24th
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