Banking Secrecy – New Style

PUBLICATIONS / Newsletters / 2015 / Newsletter February

Banking Secrecy – “New Style”

After the EU governments decided to crack down on banking secrecy, we are still facing a massive demand for this phenomenon. But on a totally different level :-).
Recently ING conducted its annual International Survey on Savings for 2015. The survey, performed in 13 European countries among thirteen thousand people, resulted in rather shocking findings: nearly one in three Europeans (31%) that are married or in a serious relationship thinks it is normal to hide their financial matters from their partners.
 
The Netherlands turns out to be the least secretive nation. Only 13 percent of those surveyed stated that they have financial secrets. The French score the highest with 42 percent of them keeping secrets from their partners related to finance.
A total of 17 percent of Europeans admitted that they actually have a secret bank account or a savings account which their partner does not know about. For example in the Czech Republic, almost one fifth of respondents holds one, in Austria one fourth and in Turkey there is 28 percent of people with such an account.
 

Banking Secrecy – How Bad Is It Really?

But how bad is it, to hide an existence or balance of one’s bank account?
Is this merely a sign of unwillingness to share your finances with your partner – which in most European cultures is being perceived negatively?
What if the reason behind the secrecy is an attempt to save funds and surprise your partner by purchasing something he/she always wanted? A wedding ring, perhaps? Or an exotic vacation for two?
 

Independence Day

According to one of the directors of ING Retail Banking, the most likely explanation is provided by the hypothesis that the secret financial savings of partners strengthen their sense of independence. This is especially true for the younger generation of Europeans.
The survey showed that the secretive behavior in partnership decreases with age. Respondents older than 55 only score half the “secrecy values”.
 

Incognito Shopping

The situation is similar when checking incognito shopping. At least one fifth of Europeans last year bought something of which the partner did not know about. In Turkey, every 4th person in a relationship did so (27 percent). In Romania, almost one third (31 percent).
On the other side, Dutch shoppers only hide their shopping bags from their partners in only 7 percent of cases.
 

Banking Secrecy- Conclusion

As you can see there are much more reasons why people would want to keep their banking details secret. And not all of them are criminals with bad intentions.
 
And you, dear reader, do you have a bank account that your partner does not know about? Or would you like to open one?
 
Contact us when you want to know more about setting up a secure bank account.
 
For a more in-depth article about what is being done to banking secrecy, read this: what is automatic exchange of information.
 
For more understanding about banking in general check the article: How Does Banking Work
 
And read the following article to understand the requirements for opening offshore bank accounts.

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