One in five Brits would never inform a partner of their debt situation

Brit News, Business

Almost one fifth of Brits (19%) would never inform a partner of their debt situation, according to new research by Equifax, the consumer and business insights expert.

The survey, conducted online with Gorkana, found those aged 65 and over (29%) are almost twice as likely as those aged 18-24 and 35-44 (both 12%) not to reveal their debt to their significant other.

Meanwhile, only a third of respondents (32%) would inform a new partner of their debt situation within three months of beginning a new relationship. Of those, men are more forthcoming than women – 37% vs 27% respectively.

 

Average length of time consumers wait in a new relationship before sharing details of any debt:

 

Length of time %
One to three months 32
I would never tell my partner about my debt situation 19
Three to six months 17
Six to nine months 13
More than a year 7
Nine months to a year 6
Until we were getting married 4
More than two years 2

Furthermore, over a third (35%) of people who are either married or in a civil partnership do not have a shared bank account, with the proportion rising considerably for people earning less than £20,000 (71%).

The research also revealed more than half of people (51%) have never helped a family member with their debt. Of those who had, they were more than twice as likely to have given them money (35%) rather than advice (14%) to help with their financial difficulties. Respondents aged 65 and over were the least likely to give advice (9%), and also less willing to discuss money issues at the dinner table (45%) compared to 18-24 year olds (59%).

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