Shock survey reveals billions in debts are being hidden from loved-ones

Households are potentially sitting on a £96 billion hidden debt mountain, with more than two-fifths of people owing sums which they have kept secret from their family, partner or friends, a governmentbacked body has found.

The Money Advice Service (MAS), which released the findings to mark Talk Money Week, said the average hidden debt across the UK amounts to £4,164 per person.

It calculated that if the figures are projected across the UK adult population, the total hidden debt amount could be as high as £96bn.

Some (44%) of those surveyed report hiding debt from their family, partner or friends.

Talk Money Week, which runs until next Sunday, aims to improve people’s money management skills and financial wellbeing.

Nearly a third (29%) of people with debts who are in a relationship said their partner does not know about all the money they owe. And 5% admit their partner is completely in the dark about their debts.

Women are more likely to talk to their friends about debts than men, the research suggests.

Half (50%) of men with debts admit that their close friends do not know anything about it.