NS&I predicts secret savings to increase as bank technology
aids privacy
Released
on: May 14, 2008, 7:57 am
Press
Release Author: National
Savings and Investments
Industry:
Financial
Press
Release Summary: A new report from NS&I reveals that a quarter
of people will be keeping some part of their finances secret from
their partner by 2050 and it's men who are more likely to be in
the dark
Press
Release Body: According to NS&I's (National Savings
and Investments) Century of Saving report,
technological advances will increase the number of people keeping
their savings and expenditures secret from their partner by over
300% in the next fifty years.
The
report predicts that, aided by remote and mobile banking methods,
people will increasingly keep their financial situation private
from their other halves. As women are more likely to be in the
financial "driving seat", men may be kept in the dark
about their partner's earnings, in stark contrast to early 20th
Century trends that pointed to many women not knowing what their
husband earned.
The
Century of Saving report, which was conducted
by the Future Foundation on behalf of NS&I,
predicts that the proportion of married or co-habiting chief income
earners who keep some of their wages secret from their partner
may once again begin to climb. The latter part of the last century
had seen a decline in this 'secret squirrel' behaviour, but it
now looks likely that secrecy in personal finances will rise back
to levels last seen in the 1950's. By the 2050's it is likely
that around a quarter will be keeping secrets about their money
and savings,
compared to eight per cent today.
It
is predicted that in the next fifty years the vast majority of
the population will regularly make deposits or transfer funds
remotely. Given the increasing use of mobile technology and the
speed of technological change, it seems highly likely that financial
affairs will increasingly be conducted through mobile or remote
devices. The report suggests that because people mostly keep personal
mobile gadgets, such as phones and PDAs, to themselves, combined
with the development of portable banking - people will find it
even easier to keep their finances private.
Dax
Harkins, Senior Savings Strategist at NS&I added,
"The change in the way people manage their finances and the
advances in technology are widely heralded as progress in financial
services. It is fascinating to see that they could lead to a trend
of more individuals also having secret accounts and stashes of
money, giving them much more freedom in the way they save and
spend their money, whether that be on shoes or cars. A lack of
knowledge and control over a partner's finances may lead to friction
among some couples who are used to influencing such decisions."
Where
traditionally men were the main breadwinners, keeping secret pots
of cash, women are now increasingly becoming the chief household
earners and it's now they who are keeping covert stashes of cash.
The fact that by 2057 it is anticipated that the majority of couples
will have both joint and sole bank accounts, as opposed to just
joint accounts, means that there will be more opportunities for
people to maintain their financial privacy.
About
NS&I:
NS&I is one of the UK's largest financial
providers with 28 million customers and over £83 billion
invested. It is best known for Premium
Bonds, but also offers High
Income Bonds, ISA
accounts, Guaranteed Equity Bonds and Children's Bonus Bonds
in its range. All products are backed by HM Treasury and offer
100% security.
NS&I products are available over the telephone, internet,
post and by standing order. They are also available through a
network of 14,000 UK Post Office branches. Customers can also
pick up brochures for Premium Bonds and Inflation-Beating Savings
products at retailer WHSmith in 400 of its High Street stores.
Web
Site: http://www.nsandi.com/
Contact
Details: NS&I PR contact:
Gill Stephens
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 9449
www.nsandi.com
2008
