2nd May 2014
Nearly one in seven people are dishonest with their partner about what they spend with 14% of people in a relationship admitting that they lie about how much money they spend, according to new research.
The findings from comparison site Confused.com reveal that one in 20 Britons in a relationship hide their credit card bills, while nearly one in 10, at 8%, even admit to sometimes hiding items that they have purchased. On average, Brits have £712 on a credit card that they keep secret and no one else knows about.
Secret spending may be fast becoming a new taboo subject. Britons would rather reveal their real age or the number of people they have slept with before admitting the full extent of their spending habits.
Spending money and lying about it is one of the most off-putting traits in a partner or potential partner according to 61%.
More than a third of people, at 34%, also claim that they would be put off a potential partner if they found out that they were in debt.
When it comes to the gender divide, women are more likely than men to lie about the amount of money they spend – at 16% versus 11%. They are also the worst culprits says Confused.com for secret shopping sprees, with 7% admitting to sneaking purchases into the house without anyone seeing them, compared to just 2% of men.
The reasons given for not coming clean on finances vary, with the main justification being to avoid an argument with their partner. Nearly one in five keep their spending secret as they are ashamed, with a similar number, at 15%, admitting that guilt is the main reason for hiding their habit.
When asked how these hidden debts arose, nearly half (49%) said that they had borrowed money to go clothes shopping, while 43% had incurred debts to pay for a holiday. A further 41% ran up debts to cover every day living costs and food expenses.
Nerys Lewis, head of credit cards at Confused.com says: “Brits should not be ashamed about spending their own money on the things they want, or using a credit card to do so. However, people should be conscious of spending more than they can afford as this could lead to their financial situation quickly growing out of control.
“Consumers should consistently review their budgets and make a plan to reduce their debts and manage their finances. For those with outstanding credit card balances, comparing balance transfer credit cards and moving their balance could be a better option for them.”