Half of Brits don't know about their partner's debts
Some 51% of those in a relationship have been kept in the dark about their partner's loans and overdrafts, a new survey has revealed.
Worse still, some 6% admit to splitting up with their partner due to rows about money, according to survey findings by credit report company Experian.
Break-ups caused by financial worries are most prevalent in the 25- to 34-year-old age group.
When it comes to how much couples earn, more than two-thirds (69%) of respondents know their partner's annual salary, while only 23% are aware that their partner has received a work bonus.
And it seems that people also keep their bank account details to themselves, with just 43% knowing how many accounts their partner held.
On a more positive note, 56% of people are aware of how much savings their other half had accrued.
However, almost a third of Brits are not too influenced by their partner's financial behaviour: 29% of people are indifferent to partners who spend above their means, with this rising to 35% among men.
Choice of career is not a big factor in picking a partner either, with only 26% finding their partner more attractive if they had a good career. This was more important for women, with 31% of females admitting a man who pays his bills on time as "much more attractive", compared to only 19% of males.
Surprisingly, more than two-thirds (68%) of those surveyed claim that a high salary makes no difference to how attractive they find someone. This was more important for women, with 24% saying a high salary made a man "somewhat more attractive" compared to 16% of males. Some 10% of women believe a high salary makes a man "much more attractive".
An overdraft is an agreement with your bank that authorises you to withdraw more funds from your account than you have deposited in it. Many banks charge for this privilege either as a fixed fee or charge interest on the money overdrawn at a special high rate. Some banks charge a fee and interest. And other banks offer a free overdraft but impose very high charges for exceeding the agreed limit of your overdraft.
A report containing detailed information on a person’s credit history, a record of an individual’s (or company’s) past borrowing and repaying, including information about late payments and bankruptcy. It also includes all applications a person has made for financial products and whether they were rejected or accepted. Your credit report can be obtained by prospective lenders to determine your creditworthiness.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.