Do you know where your partner’s money is?
Social media has created a world where everyone loves sharing but can the same be said of finances?
From cat pictures to images of your lunch, it is easy to keep the world update with how you are feeling or what you are doing, but how much do you share with your partner when it comes to money.
Research by insurer Direct Line found 27% of Brits who were married or in relationships have no idea where their partners’ money is banked or invested.
Another 18% say their partner doesn’t know their current account sort code and account number, while 17% of people who were married or in a relationship for 10 years or more wouldn’t know how to locate their partner’s assets in the event of their death.
Residents of London were the least likely of any UK city to know where their partners’ assets are located, with 34% of those in a relationship not knowing how to access these funds. Those living in Plymouth have the greatest awareness of their partners’ banking details and investments with just 14% of people not knowing how to track down their partners’ assets.
The insurer warns that it is important to be open about your finances as hiding funds can create trust issues between a couple, but it is also important to know where a loved one has kept their assets if they pass away so it can be easier to deal with probate.
| City | Percentage of residents who would not know where their partner/spouse’s money was located if they were to pass away |
| London | 34 per cent |
| Norwich | 30 per cent |
| Nottingham | 29 per cent |
| Southampton | 28 per cent |
| Edinburgh | 28 per cent |
| Glasgow | 27 per cent |
| Belfast | 26 per cent |
| Bristol | 26 per cent |
| Leeds | 25 per cent |
| Birmingham | 24 per cent |
| Cardiff | 22 per cent |
| Manchester | 20 per cent |
| Liverpool | 19 per cent |
| Newcastle | 16 per cent |
| Plymouth | 14 per cent |
Source: Direct Line
