You are here: Home - Credit Cards & Loans - News -

Taboo topic: one in five Brits would never disclose debt to a partner

0
Written by:
06/11/2018
One in five Brits would never inform a partner of their debt situation, a new study reveals.

At a time when borrowing levels are at a record high, a survey of 2,000 people found only a third would inform a new partner of their debt situation within three months of beginning a new relationship, while 4% said they wouldn’t share details of their debt until they were getting married.

The research by Equifax found 51% of people had never helped a family member with their debt. Those who had were more than twice as likely to have given them money rather than advice to help with their financial difficulties.

Richard Haymes, head of financial difficulties at TDX Group, an Equifax company, said: “Our research shows that when it comes to talking about debt it remains a taboo subject, even with our friends and family. In an environment where people are borrowing at record levels, it’s concerning that they feel they can’t be open about their situation.

“People may be reluctant to divulge details of their finances to family and friends, but by carrying the burden of debt problems alone, they risk further escalating their situation.”

The study also found over a third of couples who are either married or in a civil partnership do not have a shared bank account.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
energy supplier
Energy price cap to save customers £120 a year from January

Energy bills will be capped from the new year, saving customers on pricey default tariffs up to £120 annually on...

Close