Four in 10 Britons keep “money secrets” from their spouses, family, and friends, including hidden credit cards, savings accounts, or loans, according to a research by Government-backed Money and Pensions Service (MaPS).

Spouses and partners are the most likely to be left in the dark, according to the survey, which marks the start of the Talk Money Week, November 9 to 13, (Formerly Financial Capability Week), an annual campaign designed to get the nation talking about money.

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The survey indicates that most people in relationships tend to under-estimate the extent of money secrets their partner keeps from them.

While 23% of people in relationships suspect their spouse has kept a money secret, nearly half of those in relationships (45%) admitted having an undisclosed money product.

In some cases, people are keeping serious debts hidden.

Millennials are the most secretive group

“During Covid-19 we may be physically closer than ever to our immediate families, but financially we are still distant from some of our loved ones,” the survey authors say, adding that “the effect of the pandemic has made it more important than ever to start conversations about money.”

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In spite of (or because of) widespread financial distress from the pandemic, more than a third (38 per-cent) of people surveyed said they stay silent about money worries, with some of the reasons given including embarrassment or a fear of being judged.

The most secretive people tend to be Millennials, aged 25 to 34, with three in five (50%) hiding financial secrets from loved ones. Among the secret products, credit cards, personal loans, and overdrafts are the most common.

Seniors tend to be more open

The survey found that seniors, aged 65 and over, tend to be more open about their finances, with just over a quarter (26%) being cagey with loved ones about their money affairs.

The survey was carried out among more than 5,200 people across the UK.