How one in four of us keep cash secrets from our families: Quarter of Britons have hidden financial affairs such as a loan or bank account from relatives, survey finds
- Partners are the most likely to be left in the dark and aged around 25 to 34
- Nearly three in five in that age group keep quiet about money problems
- Some 38% of people surveyed said they stay silent about financial worries
Four in ten of us have kept financial affairs such as a savings account or a loan hidden from family and friends, a survey has found.
Partners are the most likely to be left in the dark while those aged 25 to 34 are reckoned to be the most secretive.
Nearly three in five in this age group keep quiet about money products with credit cards, loans and overdrafts the most commonly concealed.
Despite the coronavirus pandemic having hit the finances of large swathes of the population, 38 per cent of people surveyed in the study by the Government-backed Money and Pensions Service (MaPS) said they stay silent about financial worries, with embarrassment or a fear of being judged among the reasons for not sharing concerns.
Four in ten of us have kept financial affairs such as a savings account or a loan hidden from family and friends, a survey has found (stock picture)
The study indicated that those in relationships tend to under-estimate the extent of money secrets their partner keeps.
While 23 per cent of people in relationships suspect their spouse has kept a money secret, 45 per cent of those in relationships admitted having an undisclosed money product.
Some were found to have kept serious debts hidden.
One person surveyed said: ‘I was once close to bankruptcy due to credit cards and loans, which I did not reveal to my partner until it couldn’t be hidden any longer. I admitted the issues eventually and we sorted it.’
Another said: ‘I didn’t tell my husband when I lost control of our credit card debt and ended up juggling cards and minimum payments.
Partners are the most likely to be left in the dark while those aged 25 to 34 are reckoned to be the most secretive (stock picture)
‘Eventually I admitted it to him and actually acknowledged the amount of debt I had – he supported me to get on to a Debt Payment Plan, which I have been paying for just over a year now, and we are far more financially stable.
‘We made a choice as a couple to no longer use credit.
‘We also now have a joint account as our main account and only our agreed personal budget for minor expenses.’
Publication of the survey, carried out among more than 5,200 people, marked the start of Talk Money Week, a MaPS campaign running this week to encourage people to open up about their finances.
Sarah Porretta, strategy and insights director at MaPS, said: ‘Opening up is a valuable start to making problems more manageable, for the benefit of our health, relationships and overall wellbeing.’