Nearly half of Britons 'have a secret money stash'

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Nearly half of Britons are keeping a secret cash stash that their close family or friends know nothing about, a survey suggests.

Some 48% of people admitted to having money squirrelled away in bank accounts, bonds, stocks and shares or even in hiding places around the home.

Neil Sinclair says it was a 'no brainer' to open an account with Al Rayan Bank.

Neil Sinclair says it was a 'no brainer' to open an account with Al Rayan Bank.

While nearly a third (29%) claimed they had simply not got round to telling loved ones, 38% said it was their money to do what they wanted with.

One in 10 (10%) hid savings in case their nearest and dearest tried to spend it and one in 16 (6%) said they just did not trust them, according to the survey of 2,000 people from wills specialists at law firm Slater and Gordon.

James Beresford, head of the wills, tax, trusts and probate team at Slater and Gordon, said of money being stashed around the home: "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 said people can forget what assets they have, adding: "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."