Aussie Couples Keep Secret Cash Stash, Partners Unaware

[icyfroth]

Nearly 300,000 Australian couples have a secret stash or bank account that their partner does not know about, a new research claims

A financial behaviour survey by TAL Life insurance found that almost one in two couples, that’s a staggering 45 per cent, have one partner with an account that their partner knows about but cannot gain access to.

Three per cent of Australian couples have a totally secret account, with an average amount of $30,000.

Men’s secret stash was bigger with anywhere between $30,000 and $37,700, while women kept $22,300 in theirs.

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I think it's good for a woman to have a secret nest egg in case a marriage or relationship becomes abusive or the partner/husband becomes unsupportive. 

[**meep**]

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@mugssy65 wrote:
My friend, when she knew her marriage was over started an account she called her "escape fund". She knew she would need a bond for a rental property and set up house money so to speak.
I can't help thinking that if you need a fund for just in case your already admitting your going to need it.

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Agree.

 I agree with mugs, if you set up a hidden account just in case, it kind of indicates a problem in the relationship, specifically a trust issue.

Agree with that as well.

[**meep**]

Because of my experience my daughter has an escape fund and ALL her friends do now to. Her partner knows she has an escape fund, she told him, and he thinks it's a great idea.

Then it is not a "secret stash" - which i think the topic is about.   Couples hiding money from each other. 

My husband does not have a problem with the fact that I have my own bank account and vice versa.  We just never got around to changing things after we were married and eventually, couldn't be bothered, I guess.  It is still 'our' money but we never felt the need to be accountable to each other in that respect.

It is the need for secrecy that I consider to be a problem.

[azureline**]

We have a joint household account that all household accounts are paid from, rego, insurance, health/life insurance. We can both access it independantly but OH probably wouldn't know how.

We have a joint business account........... same issue but we both have to sign.

I have my own personal account that only I can access..............and he has no idea what I have in it and could care less. I do online banking with it too.

He has his own personal account but never goes to the bank and doesn't carry a card. He is not in favour of online banking.

[purple_haize]

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@**meep** wrote:

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@mugssy65 wrote:
My friend, when she knew her marriage was over started an account she called her "escape fund". She knew she would need a bond for a rental property and set up house money so to speak.
I can't help thinking that if you need a fund for just in case your already admitting your going to need it.

---

Agree.

 I agree with mugs, if you set up a hidden account just in case, it kind of indicates a problem in the relationship, specifically a trust issue.

Agree with that as well.

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It doesnt indicate a problem with the marriage.................if you have been through a marriage that didnt work out and your OH took all the $$$$$, then you would think it wise to have another account.

When my ex left and took all the money from the joint account, I had nothing and I also had 2 small children to look after............I have been burnt once, I dont plan on getting burnt again...........

[cat_mioux]

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@**meep** wrote:

Because of my experience my daughter has an escape fund and ALL her friends do now to. Her partner knows she has an escape fund, she told him, and he thinks it's a great idea.

Then it is not a "secret stash" - which i think the topic is about.   Couples hiding money from each other. 

My husband does not have a problem with the fact that I have my own bank account and vice versa.  We just never got around to changing things after we were married and eventually, couldn't be bothered, I guess.  It is still 'our' money but we never felt the need to be accountable to each other in that respect.

It is the need for secrecy that I consider to be a problem.

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All my daughters friends have kept their escape fund secret and so would I next time. Sure it's about trust issues (doh!) but it doesn't indicate you don't trust the individual themselves. It's like purple said, been burnt and plan to never be in that position again no matter who I was having a relationship with.

[nicnacs_4u]

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@imastawka wrote:

My mother taught me over 50 years ago, to always have

your own money and never to have it all in a joint account.

My sister didn't heed that advice and when her husband died

she could not access the joint account, because the bank froze

the account for months.

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May I ask why the bank froze their account?.When my OH passed away all  our money was in both names and I had no trouble accessing it straight away.

[mugssy65]

I thought it was the other way round too, Nic that's why couples have joint accounts, it's single named accounts that become frozen until ownership is proven, isn't it?

[nicnacs_4u]

I think you could be right Mugssy

[**meep**]

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@mugssy65 wrote:
I thought it was the other way round too, Nic that's why couples have joint accounts, it's single named accounts that become frozen until ownership is proven, isn't it?

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That's what I thought as well.

[**meep**]

I think everyone should have "emergency funds".  I have been in a situation where I had none and I found it stressful.  Life is just too unpredictable.  I don't think I could be in a relationship with someone who could not understand that, putting me in a position where  had to keep it a secret.