Four in ten have kept money secrets from family and friends
Four in ten (40 per cent) people admit having kept a financial product such as a credit card, loan or savings account secret from family and friends, a survey has found.
Partners are the most likely to be left in the dark, according to the research from the government-backed Money and Pensions Service (MAPS) to mark Talk Money Week.
MAPS said those aged 25 to 34 are the most secretive age group, with nearly three in five (59 p er cent) hiding money products compared with just over a quarter (26 per cent) of retirees aged 65-plus.
Among 25- to 34-year- olds who had kept a product secret, credit cards, personal loans a n d o ve r d r a f t s we r e m o s t commonly hidden.
Despite the coronavirus pandemic having hit the finances of large swathes of the population, more than a third (38 per cent) of people surveyed said they stay silent about money worries, for reasons including embarrassment or a fear of being judged.
Publication of the survey of more than 5,200 people across the UK marks the start of Talk Money Week, a campaign run by MAPS to improve financial we l l b e i n g b y e n c o u r a g i n g people to open up about their finances.
The Talk Money Week study also indicated that people in relationships tend to underestimate the extent of money s e c r e t s t h e i r p a r t n e r ke e p s from them.
Whi l e 2 3 p e r c e n t o f p e o - ple in relationships susp ect their spouse has kept a money secret, nearly half of those in relationships (45 per cent) a d mi t t e d h av i n g a n u n d i s - c l o s e d m o n e y p r o d u c t . I n some cases people have kept serious debts hidden.
Sarah Porretta, strategy and insights director at the Money and Pensions Service, said: “Many people will be strugg l i n g w i t h m o n e y wo r r i e s due to the financial impact of Covid-19, so if you feel this is getting on top of you, having a conversation with a friend, family member or expert can bring a different perspective and allow you to feel more in control.
“Op ening up is a valuable s t a r t t o m a k i n g p r o b l e m s more manageable, for the benefit of our health, relationships and overall wellbeing.”
The Money Advice Ser vice has budgeting help and guides on its website to help people talk about money at: www. moneyadviceser vice.org.uk.