Secret stash: Millions of Aussies hide money from loved ones

The trend is likely fuelled by the fact that a bank account can be opened online in a few minutes. Funds can be easily transferred between accounts online if accounts are linked.

A recent survey found one in 10 people – equivalent to 2.5 million Australians – have a separate savings account at present. Four per cent of people used to have a separate account, but no longer do.

The research, by Finder, found that burying cash in a hidden savings account is a widespread practice. Women (16 per cent) are more likely than men (10 per cent) to admit to having a secret bank account at present, or having one in the past.

“Australians are stashing money away without their partner or family member’s knowledge,” Finder money expert Rebecca Pike says. “Individuals go to extraordinary lengths to hide income and savings from their partner or relatives.”

Some hide money from their partner for harmless reasons, such as being able to purchase presents for them without their knowledge. Others are covering up much more sinister practices, such as a gambling addiction or adultery, Pike says.

But it’s an unhealthy practice. Pike urged people 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.”

Pike also urged account holders to park savings in a high-interest savings account to grow the balance. And as the banks step up their response to financial abuse, it’s worth keeping in mind that keeping money separate from your partner could constitute financial abuse.

The Commonwealth Bank explains that the expectation couples will share their financial resources for the good of the family can make some people feel it is normal for their partner to control their financial affairs.

But that is not the case.

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Meanwhile, Audrey admits the long-term impact has been devastating for her. Despite her husband closing the account and returning the funds to their joint account, it hasn’t changed how she feels.

Audrey has never had to forgive her partner for something so big before, and doesn’t know where to start.

Understanding his motivation is critical, given their spending habits have always been similar, despite her being a higher earner.

“The trust in the relationship has been lost,” she says. “We’re currently in counselling in the hope that we can somehow get back on the same page again financially, but only time will tell.”

* Audrey is not her real name.