Secret savers: 1.6 million Aussies currently have a hidden bank account
Millions of Australians are hiding money away in bank accounts unknown to their family or partner, according to new research by Finder.
A Finder survey of 1,012 respondents revealed more than 1 in 10 (12%) – equivalent to 2.5 million people – currently have, or have had, a secret savings account.
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The research found 8% – 1.6 million people – currently have one, and 4% used to have one but no longer do.
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Women (16%) are more likely than men (10%) to admit they have or used to have a secret bank account.
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The same research shows 3 in 5 (61%) Australians have just one savings account, 21% have two, while 7% have three or more in their name, secret or otherwise.
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A whopping 1 in 10 (10%) don't have a savings account at all.
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Rebecca Pike, money expert at Finder said burying cash in a hidden savings account is a widespread practice.
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"Australians are stashing money away without their partner or family member's knowledge.
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"Individuals go to extraordinary lengths to hide income and savings from their partner or relatives."
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Gen Z (26%) were more likely than their gen Y (14%) and gen X (10%) counterparts to have or previously have an undisclosed bank account.
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Pike said Aussies might not trust their partner to manage money correctly or seek financial security in the event they break up.
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"When it comes to hiding savings from your partner, there are harmless reasons like being able to buy them presents without their knowledge, to more sinister ones like a gambling addiction or adultery."
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Pike urged Aussies to be transparent about their finances with their partner.
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"Both parties should take an active interest in household finances – if you don't feel comfortable disclosing your financial information then maybe it's not the right relationship for you.
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"Make sure any savings are parked in a high interest savings account so that you can grow the balance whether or not you choose to share details with other household members," Pike said.
| Do you have a secret savings account? (e.g. one that your partner/family do not know about) | |
|---|---|
| I used to but don't have it anymore | 4% |
| Yes | 8% |
| No | 87% |
| Source: Finder survey of 1,012 respondents, May 2024 |
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| How many savings accounts do you have? | |
|---|---|
| 0 | 10% |
| 1 | 61% |
| 2 | 21% |
| 3 | 5% |
| 4 | 1% |
| 5 | 0% |
| 6+ | 1+ |
| Source: Finder survey of 1,012 respondents, May 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,012 respondents from May 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
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