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.
The research found 8% – 1.6 million people – currently have one, and 4% used to have one but no longer do.
Women (16%) are more likely than men (10%) to admit they have or used to have a secret bank account.
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.
A whopping 1 in 10 (10%) don't have a savings account at all.
Rebecca Pike, money expert at Finder said burying cash in a hidden savings account is a widespread practice.
"Australians are stashing money away without their partner or family member's knowledge.
"Individuals go to extraordinary lengths to hide income and savings from their partner or relatives."
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.
Pike said Aussies might not trust their partner to manage money correctly or seek financial security in the event they break up.
"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."
Pike urged Aussies to be transparent about their finances with their partner.
"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.
"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 |
| 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.