A Fifth Of Britons Hiding Debt Problems From Partners

Thu, 22 Apr 2010

More than one in five Britons lie to their partners about their true level of debt, a new study has revealed.

An online survey of UK consumers, commissioned by the Post Office, found that 21 per cent do not reveal the true extent of their financial problems to their husband or wife, while a third also hide their debt from other members of their family.

Despite owing just over £9,700, excluding mortgages, the average person only admits to having a personal debt of less than half that amount (£4,600) when talking to a partner or family member, according to the study.

It also revealed that 78 per cent of people who have hidden debt have never confessed to their financial dishonesty. Of the 22 per cent who did, the majority (60 per cent) were caught out instead of choosing to own up to their lies.

In terms of reasons for lying, the research showed that some 45 per cent of the women carrying hidden debt were doing so due to high expenditure on clothing, while 19 per cent of men said their problems were related to buying alcohol.

Over 40 per cent of consumers said their guilt led to sleepless nights, 21 per cent said they suffered mood swings and 12 per cent admitted to excessive drinking or comfort eating.

Commenting on the findings, Psychologist Donna Dawson said: "Hiding the extent of debt from a partner or family member may give us a false illusion of control or independence, but the reality is that our mental and physical health suffers. Once uncovered, the health of our loved ones suffers as well."

"Far better to operate as openly and honestly as possible from the start, and to take loved ones into your confidence at a much earlier stage - that way, debtors can get the help, support and advice that they really need."

A spokesman for the Consumer Credit Counselling Service added: "It's not unusual for people to hide debt problems from their partners and family. Facing up to your full problem and sharing it with your family allows those who care for you the opportunity to help."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.