1 in 3 Brits Have Hidden Important Financial Information from Their Partner

A third of Brits (34%) – an estimated 18.5 million people – have withheld important information about their finances from their partner in a current or previous relationship, according to new research by personal finance comparison site Finder.

This includes 5% of Brits who have admitted to hiding credit score problems from their partner. This is particularly concerning because, if you open a joint bank account with someone who has credit score problems, this could also damage your credit score.

The most commonly withheld information is a secret savings pot – with 9% of Brits admitting they had money in savings that their partner did not or doesn’t know about. Similarly, 6% of people have (or have had) investments without their partner knowing about them.

Worryingly, 9% of Brits have lent money to someone without telling their partner, while 7% have hidden the purchase of expensive items from their significant other. A further 7% have hidden other debts, while 5% have lost money and not come clean.

Hidden information could be damaging, as financial responsibilities in a relationship often fall on one partner

The research also found that, in more than half of UK relationships (53%), one person is dealing with all of the financial tasks. 

Money-related admin – such as paying bills, a credit card balance or a monthly mortgage installment – affects both members of a couple that lives together. However, according to the research, these tasks are split equally in just 3 out of 10 (28%) current relationships, with one person taking on the majority of or all financial responsibilities in the remaining 7 out of 10 relationships (72%). 

Louise Bastock, money expert at finder.com, commented:

“It’s alarming to see so many couples not splitting the responsibility of household finances. Having minimal or no involvement in such important decisions and processes can lead to a lack of financial autonomy and confidence to manage your own money.

“Having a joint bank account can help you share the responsibility of paying bills and making regular payments and, crucially, it means that both you and your partner have full visibility over what’s going on. It gives you the whole picture of your finances whenever you need it.

“However, before opening a joint bank account with a partner, you need to have an open and honest conversation about your finances. Issues such as a poor credit history could impact your partner’s credit score and you also need to be certain that you can trust the other person’s financial commitments. 

“It’s a good idea to set some joint account ground rules, discuss what you’re both going to pay into it and what it will be used for. If you decide to go ahead, make sure to compare your options first, as some joint accounts offer perks such as a joining bonus or switching deal.”

To see the research in full, visit: https://www.finder.com/uk/current-accounts/joint-bank-accounts#research