November 2020
Featured in this insight: Financial services
Nearly four in ten UK adults keep 'money secrets' from friends and family: A poll of people in the UK has revealed that almost four in 10 are keeping 'money secrets' from loved ones, including credit cards and loans, as well as debt problems.
The research for the Money and Pensions Service (MaPS), questioned 5,200 people across the UK and found of all the age demographics, young people aged 25–34 are the most secretive when it comes to money issues. Almost six in ten (59%) admitted to hiding finances from friends and family, with the top products used being credit cards, personal loans and overdrafts. This compared to one in four people aged 65+ (26%) who admitted to keeping secrets about their financial situation.
Almost two-fifths of the people polled (38%) admitted they have not told anyone about their money worries, for reasons including being judged, and out of embarrassment. The survey also found that 45% of people who have a partner, have a credit card, loan or overdraft that they have not told their other half about. By the same token, almost a quarter (23%) said they suspect that their partner has kept a money secret from them.
The survey also revealed that some people are in the dark when it comes to their partner's earnings. Three in ten respondents revealed that their partner has no idea how much they earn per annum.
The survey was conducted to mark Talk Money Week
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