Key takeaways
12% of Australians say they have or used to have a secret bank account
Women were more likely than men to admit they kept money hidden away
We share 4 steps to building a solid emergency savings fund
Millions of Australians are hiding money away in bank accounts unknown to their family or partner, according to new research by Finder.
The 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 |  |
4 steps to building a solid emergency savings fund:
- Set a goal: Before you start saving, figure out how much you want to have in your emergency fund. A good target is 3-6 months worth of living expenses. This will give you a cushion for unexpected events like car repairs or medical bills.
- Find the right account: Pick a savings account specifically for emergencies. Ideally, it should be easy to access your money but have minimal fees and a decent interest rate. You can consider a high-yield savings account to make your money grow a little while it sits.
- Automate your savings: Set up automatic transfers from your checking account to your emergency savings account. This way, you "pay yourself first" and ensure you're consistently building your fund. Even a small amount each paycheck adds up over time.
- Boost your savings: There are ways to accelerate building your emergency fund. Try cutting unnecessary expenses, look for ways to earn extra income, or redirect windfalls like tax refunds to your savings.
