One in seven adults has '˜kept debt hidden from a partner'

One in seven adults in debt has hidden their money problems from a partner, according to relationship charity Relate.

Monday, 27th November 2017, 6:00 am
Feeling ashamed is the most common reason why people hide their problems

Some 14% of those with debt say they have kept it secret from a partner - and 7% of those with debt are currently hiding it - a report which highlights the links between debt and relationships found.

Feeling ashamed is the most common reason why people hide their money problems, with 51% giving this reason, followed by 46% who said they would be scared of their partner’s reaction.

A third (34%) of those with hidden debts felt their partner had a different approach to money.

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More than 4,700 people across Britain were surveyed for the report, titled In too deep: an investigation into debt and relationships, which is sponsored by Provident Financial.

Relate said there is a “relentless cycle” in which debt problems cause conflict, mistrust and relationship breakdowns.

Relationships can also contribute to people’s debt problems and affect how they manage their finances, it said.

The report said one in six (16%) adults are currently in problem debt, meaning they find meeting financial commitments a heavy burden and/or have been missing payments for three out of last six months.