Financial fibs: 3 in 10 keep money secrets from their spouse

5th February 2016

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Nearly three in 10 people keep financial secrets from their other half, with credit card debt being the most common fib.

 

Ahead of Marriage Week UK, BlackRock has looked at just how honest people are with their spouses when it comes to money.

 

While the good news is that 69% of people say they do not keep money secrets from their spouse, there are still a significant number who tell financial fibs.

 

Of those that hide financial information, keeping a credit card debt secret was the most commonly held secret, with 10% of people doing so.

 

Another 9% loaned money to friends or family without telling their other half; 6% opened a secret savings account; 6% borrowed money from family or friends; 6% bought an expensive item like jewellery; 6% took out a loan; and 4% ran up gambling debts.

 

Jeremy Roberts, head of UK retail sales at BlackRock, said: ‘The good news is…over two thirds of Brits don’t keep secrets, financial or otherwise, from their partner.

 

‘However, some people do admit to not being completely honest when it comes to money. One in 10 Brits admit they hide credit card debt and money loaned to family or friends. Not only could this result in some tricky conversations, it could cause some financial implications too, albeit unintended.’

 

He said hiding debt could impact credit scores when it comes to buying a home ‘not to mention that poorly planned finances may mean it will take us much longer to hit our financial goals and aspirations’.

 

‘Working together with our loved ones can optimise savings and safeguard our financial future,’ said Roberts.

 

‘Simply making a plan could help our finances for the richer rather than poorer.’

 

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