Why one in seven hides debt from their partner

ONE in seven Britons in debt has hidden their money woes from a partner, a charity has warned.

Relationship experts Relate said there is a ‘relentless cycle’ in which debt causes conflict, mistrust and marriage breakdowns.

Being in a relationship can also contribute to people’s money woes and affect how they manage their finances, they said.

In a survey of 4,700 adults, Relate found feeling ashamed was the most common reason for hiding debt, cited by half of those polled, while others were scared of how their other half would react. A third felt their partner had a different approach to money.

Relate’s report, titled In Too Deep and sponsored by lender Provident Financial, warned one in six adults are currently in problem debt, meaning they struggle to meet their financial commitments or have missed payments.

Of these, one in five had experienced a break-up where debt played a part, and nearly four in ten said it had a negative impact on their relationship.

Chris Sherwood, chief executive of Relate, said: ‘Talking about debt can be difficult, but keeping things under wraps can be problematic for the relationship and make the debt harder to manage.’

MP Nicky Morgan said her work in her Loughborough constituency has shown her ‘how damaging persistent debt can be to relationships and mental health’.