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One in five hide savings and debt from their partners

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Millions of Britons fail to tell their partners of their outstanding debts, savings or investments.

 

Twenty per cent of Britons - or 6.2 million of us - have debts that they have not disclosed to their partners. The average value of these outstanding debts is £9,546. Other financial skeletons include hidden savings and investments, with 4.3 million people admitting that they have private nest eggs of savings and investments kept secret from their other halves. On average, these concealed finances are worth £2,004. According to a survey by Prudential which examined the attitude towards financial planning among cohabiting couples over 40, 14pc of respondents say their partner does not know how much they earn. For 9pc of these people, this is because they claim they do not discuss earnings – despite living under the same roof. However, the remaining 5pc admitted this is because they deliberately mislead their partners into thinking they earn more or less than they actually do.

 

When those who had admitted to having hidden debt were asked how the situation arose, more than a third said they had borrowed money to cover everyday living costs. Thirty-three per cent said they had borrowed the money to pay off other outstanding debts, such as credit card bills, and a further 6pc said the debt arose through travel costs. More reasons for this hidden debt included overspending due to an emotional situation, with 5pc claiming this was the reason for their financial trouble, and a further 5pc said their debt had been inherited from previous relationships, such as joint mortgages.

 

Link: http://www.telegraph.co.uk/finance/personalfinance/savings/9693612/One-in-five-hide-savings-and-debt-from-their-partners.html


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