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MONEY COMMENT
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A report from Cahoot, the internet banking arm of the Abbey National (LSE: ANL), has revealed that more than half of us are hiding a total of £6 billion in secret savings from our partners. The study says that an amazing 61% of us admit to stashing our cash as a form of safeguard against a failing relationship and women (69%) are more likely to do it than men (53%). Not surprisingly it's the burgeoning divorce rate that has led to the hoarding of cash with 85% of divorced men and women admitting to hiding, or considering hiding, money from a partner. Once bitten, twice shy, indeed! The reasons for hiding money aren't always sinister and they range from personal treats such as clothes and nights out to emergencies including job loss. It's not just the prospect of divorce although there is a clear indication that we're less willing to trust our partners or, in fact, to commit. Even when partners know about the stash of cash, we're less willing to hand it over. Personally I find it rather sad that couples aren't more willing to be open about their money. We all know that money is the biggest single cause of arguments in a household but that's surely not a reason to hide it. Besides, I would have thought it more fun to let your partner know that you've got a 'running away' fund to keep them on their toes! By all means, retain your independence by having a personal bank account but use a joint bank account for bill-paying and be open about what you're doing. It's not always possible though, I suppose, particularly in domestic violence situations where a secret stash may be essential. Whatever you've got saved, whether secret or not, whether for the occasional treat or as insurance against a broken relationship, make sure that it's easily accessible and that you're getting the best interest rate possible. Remember too that if you save within a Cash ISA, you won't pay tax either. More: Savings Centre | ISA Centre | Family Fools discussion board