The findings indicate around 20 per cent of consumers are hiding debts from their partner. 7 per cent admit they don’t know if their partner has any unsecured borrowing. The study also suggests women are twice as likely to hide their debts as men.

More than half of those who intend to get married say they owe money on credit cards, loans and overdrafts. The average amount owed is £3,200, but 20 per cent admit to owing over £5,000.

A third say they hide debt out of embarrassment, 17 per cent say they are not comfortable sharing their financial situation with a partner and 7 per cent believe it better to save the revelation about debt until after their honeymoon. Roughly a third of those who are married or planning to get married don’t feel it important to tell their partner about their debts at all.

Melanie Taylor, spokesperson for Debt Advisory Centre, says: “Discussing finances can be daunting, especially in a new relationship. However, hiding debt from your spouse or fiancé is storing up a problem that could seriously threaten the future security and happiness of both of you.

“Once plans turn to marriage, it’s essential you understand each other’s financial position and that includes any debt you bring into the marriage. I would advise setting aside time to go through your finances together and to put in place clear plans to manage money, including household budgeting and paying off debt. If you are worried about the amount you owe, seek professional advice together. Feeling worried about money is bound to seep into your relationship.”

Sara Davison, break-up and divorce coach, adds: “It’s important to remember honesty is key to a long lasting and happy partnership. Money problems put a lot of stress on relationships and if information is withheld it can cause huge trust issues. Financial challenges can be overcome if dealt with properly.

“I see many clients who believe their problems started with disagreements over money, and the frustration and resentment built up and spread to other areas of their relationship, driving them further and further apart. It’s always best to face up to your true financial situation and deal with any embarrassment before you take your wedding vows. If they are the partner for you, they will work with you to find a solution. If not, then better you know now than face the divorce courts later on.”

[article_related_posts]