Majority of Scots say hidden debt a red flag for long-term relationships
Nearly two thirds of young adults would want their partner to reveal how much debt they have before they commit to a long-term relationship, a survey has suggested.
About 61 per cent of 18 to 35-year-olds feel that, once past the early stages of a relationship, it is important to know how much debt a partner holds.
Nearly two fifths (38 per cent) also said they would want to know how much their partner earns, Lloyds Bank’s survey of more than 2,000 young adults found. Three in ten (30 per cent) would expect to reveal how much they have put away in savings.
The most important factors before deciding whether to commit included general aspirations for the future (85 per cent), whether one person wants children (83 per cent) and a potential partner’s relationship with their family (66 per cent).
But despite wanting to know how much money a partner owes, just 4 per cent said they would be put off by a prospective partner being in the red, with keeping debts hidden seen as a bigger deal breaker.
A fifth (21 per cent) of young adults felt that a partner keeping money problems a secret could put a stop to a long-term relationship.
A lack of ambition (9 per cent), a different sense of humour (8 per cent), and different hobbies and interests (7 per cent) were also seen as barriers. A 2017 report from the UK’S leading debt charity Step Change found the number of young Scots seeking help with debt has increased, with the percentage of their clients aged between 25 and 39 having grown by 6 per cent since 2013.
A Scottish Government review into the life chances of young people reported the average amount of debt accumulated by Scottish graduates had increased by 12 per cent over the year to 2016.
The review also said young adults in Scotland were less likely to report they were managing well financially than older adults and were more likely to report having no savings.
Two advice charities, Citizens Advice Scotland (CAS) and Money Advice Scotland, are also working together to deliver a network of debt advice for people across Scotland. CAS spokesman Mike Holmyard said: “Debt can have a real impact on relationships,and can even be a cause of relationship breakdown, especially where one partner discovers that the other has been hiding a problem. We would always recommend seeking help about debt as early as possible, as more can be done the earlier people engage with their debt issues.”