One in six Brits hides a secret debt from their partner

Published by Rob Goodman on 08 January 2015.
Last updated on 08 January 2015

Couple with debt

While it's often said the best relationships are built on trust, it seems some Brits are reluctant to reveal the state of their finances to their loved ones.

One in six adults in the UK (16%) admit to having secret debt that their partner knows nothing about – that's the equivalent of more than eight million across the country.

Worryingly, more than half of those who admitted they had secret debts (51%) said they owe more than £1,000, while 11% said they owed between £5,000 and £10,000 and 8% said they had debts of more than £10,000, according to research from the Debt Advisory Centre (DAC).

Stressful and isolating

Ian Williams, spokesman for DAC, said: "Having debt problems is an extremely stressful and isolating experience. Trying to deal with the situation on your own by keeping it secret from your partner will only compound the stress.

"Many people are embarrassed and ashamed to admit their money problems to their partner – but when they do, not only is a weight lifted from their shoulders, but it is easier to start to tackle the problem together."

Earlier this week, the Money Advice Trust reported that more than six million people are set to struggle with their finances in January because of excessive spending over Christmas.

Some 157 people contacted its helplines worried about their spending online on Boxing Day – three times the amount that did a year earlier.

More About

Leave a comment