REPORT: One In Seven Couples Over 40 Keep Their Income A Secret From Each Other

Captain Jack Sparrow in Pirates of the Caribbean.

A study by Prudential Financial, UK, has found that one in seven middle-aged couples keep their earnings secret from each other.

Some individuals who hid the true value of their salaries said they did so either to spoil themselves, or have money aside in case of a divorce.

While 6% admitted to funding another partner or family, and another 8% said they didn’t trust their partner to spend their income wisely.

It was also found that one in eight couples over 40 had secret debts, owing an average of £20,800 (AU$38,497).

While these statistics cast a negative light over keeping secrets in relationship, only one in four respondents did say they lied in order to buy things for their partner.

Of these respondents, 22% said they were savings for a dream holiday, new car or another family surprise.

This group said keeping these money secrets from their partner enabled them to maintain “independence”.

Vince Smith-Hughes, retirement expert at Prudential told The Telegraph UK, “The reasons for keeping quiet may seem perfectly valid, and coming clean may result in some awkward conversations, but couples should be very wary of keeping elements of their finances secret from each other,” saying this behaviour could see you miss out on vital income boosts and tax benefits.

While this is happening in the UK, Aussies might not be able to get away such habits as easily.

Research from insurer Budget Direct shows that one in three Australians admit to scouring their partner’s credit card statements.

AMP financial planner Dianne Charman told News Ltd, “Keeping secrets doesn’t tend to work… As an adviser, I find it’s very difficult to deal with a couple if they are not on the same page.”

“Money tends to be an issue if you are not open,” she said.

Now read: CHART: The Average Australian Household’s Income Is $145,400, Here’s What They Spend It On

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