Almost Half of Brits ‘Have a Secret Money Stash’

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A survey suggests that almost half of Britons are keeping a secret cash stash that their close friends or family does not know about.

Around 48 percent of people confessed to having money kept away in bank accounts, stocks, shares, bonds, or even in hiding places around the house.

While almost a third or 29 percent claimed that they had simply not got round to informing their loved ones, 38 percent stated that it was their money to do what they desired.

According to a survey of 2,000 people from Slater and Gordon, a wills specialists at law firm, one in 10 people hid savings in case their dearest, and nearest tried to spend it, and one in 16 or 6 percent said that they just did not trust them.

Regarding the money being stashed around the home, James Beresford, the head of the wills, tax, trusts and probate team at Slater and Gordon, stated : ‘As well as the obvious risks of it being stolen or misplaced while you’re still alive, when you die your home, and its contents may well be cleared out or sold without anyone ever realising it’s there.’

He stated that people could sometimes forget the assets that they have, adding that: ‘With paperless statements it’s becoming much more difficult to keep track because there’s no physical evidence, and that’s why we advise people to make a yearly asset sheet with details of all their cash and investments.

‘In most cases, people stash money away with the best of intentions to plan for their family’s future, but that’s no use if no-one knows about it other than you.’