Some 27% of married and co-habiting couples are left in the dark when it comes to where their partner’s savings and investments are located, according to new research.
A recent poll by Direct Line Life Insurance suggests that 10 million people in the UK would be clueless about how to trace or access their partner’s accounts if their partner were to die or become seriously ill.
While those in a new relationship could be forgiven for not getting around to sharing their financial secrets, researchers found that 17% of those married or in a relationship for 10 years or more also had no idea how to locate their partner’s assets.
Some 28% of couples in a relationship wouldn’t know how to access their partners’ current account and had no information about their partner’s account number or sort code. Married couples fared a little better, with 18% not sharing account details with their spouses.
And it’s not just bank account details that couples are not sharing: one in five married Brits hasn’t shared details of their workplace pension, rising to 32% for those in a relationship.
Married couples are equally coy about access to their partner’s savings accounts and credit card details, with 17% not providing details of their savings accounts and 16% keeping shtum about their credit cards. This number rises to 28% and 27% respectively for those in a relationship.
Jane Morgan, business manager at Direct Line Life Insurance, advises:“As awkward as it may be, it’s important to keep the lines of communication open when it comes to money matters. Whether intentionally or unintentionally, concealing details of your finances from your other half or a close family member can delay probate at a significant cost to those nearest to the deceased.”
|Brits' marital money secrets|
|Type of account||Percentage of married people who don't give their partners access||Percentage of those in a relationship|
|Workplace pension details||20%||32%|
|Current account details||18%||28%|
|Private pension details||17%||26%|
|Savings account details||17%||28%|
|Credit card account details||16%||27%|
|Isa account details||15%||24%|
|Other investments (e.g. shares and bonds)||13%||21%|
|Source: Direct Line Life Insurance, May 2018|