One in five people refuse to tell anyone, including their partner, how much they earn, according to a survey by NatWest Premier, the bank’s financial planning arm.
Less than a third of parents share how much they earn with their children, it reports. But secretive couples should be open about their money to avoid further strain on the relationship, the bank warns.
Those with a higher salary are more willing to talk about their income. Only one in ten workers who earn more than £100,000 a year keep their salary secret.
Younger generations are more likely to disclose their finances, with only 14 percent of 18- to 24-year-olds not sharing their salary with anyone.
However, 25 percent of people ages 45 to 54 keep their income secret, as do 19 percent of people ages 35 to 44.
Secret: Couples should be open about their money to avoid further tension in the relationship.
Laura Newman, Director of Financial Planning at NatWest Premier, says: “Lack of transparency around money, even in committed relationships, can often lead to problems later. It’s important that you work together (with your long-term partner and your banking partner) to plan your finances. .’
Newman says you should make an appointment to talk to your partner in advance so they don’t feel caught off guard.