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Mobile banking to create wave of secret savers

The rise of new ways to manage finances is set to fuel a huge rise in the number of couples who keep their savings levels a secret from their partners, a new report predicts. NS&I's Century of Saving report predicts that by 2050 the proportion of couples who are less than honest with their other half about their finances will increase from its current level of eight per cent to 25 per cent. The report forecasts that the trend will be prompted by the rise of mobile banking, which enables accounts to be managed online, and thus affords the opportunity to do so in secrecy. Dax Harkins, senior savings strategist at NS&I said: "The change in the way people manage their finances and the advances in technology are widely heralded as progress in financial services. "It is fascinating to see that they could lead to a trend of more individuals also having secret accounts and stashes of money." The growing tendency for couples to have both joint accounts and a separate personal account will also fuel the trend, Mr Harkins added.

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