Consumer: Other halves keep schtum about debts

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Is your partner keeping you in the dark about their debts?

New research reveals Yorkshire people do not fully disclose their financial situation to their other halves.

The survey, conducted by credit gurus Noddle, found that 56 per cent of Yorkshire people in a relationship don’t know how many debts their partner has.

A third in the county still don’t think their partner has any debts, despite the average UK household owing close to £10,000 in debts such as personal loans, credit cards and overdrafts.

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The research also found 1.9 million married couples nationwide actively try to keep their finances secret from their partner.

When it comes to disclosing financial information Noddle found 25 per cent of Tykes in relationships do this on a ‘need to know basis’.

The free-for-life credit reporting service, also found discovered that 32 percent of married Yorkshire people don’t know exactly what their spouse earns.

Managing director Jacqueline Dewey commenting on the findings, said: “Our research shows that as a nation we still shy away from talking about money, even with our spouse or partner. Whilst it may seem tempting to keep this information to yourself it can have a detrimental impact on your financial decisions and, ultimately, your relationship.”

The research also showed that Yorkshire people don’t tackle the subject of money with their significant other even during major relationship milestones. A sizable 21 per cent admitted that they didn’t have a conversation about finances before they moved in together, while over a third of couples didn’t discuss it before they got engaged. Nearly a fifth didn’t even fully disclose their financial situation to their Mr or Mrs when they got married.

While the data showed that 16 to 24-year-olds are more likely than any other age group to know what their partner earns it’s those who are over 55 who are most likely to have reached full financial disclosure, with 69% claiming to know everything about their spouse’s financial situation.

However, it is not just “smug marrieds” that have strong opinions about money and relationships. Noddle found 47% of single people in Yorkshire would want to find out if the person they were dating had a bad credit rating before it got serious.

Noodles managing director added: “Knowing about your financial health – and that of anyone you are financially involved with – is crucial whether you’re applying for a credit card, getting a mortgage or looking for the best deals on utilities or mobile phones. That’s why we’re calling for consumers to have full financial disclosure with their other halves.”

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