1 in 3 Brits Keeping Debt Secrets from Their Other Halves
November 14, 2018
Close to one in three adults living in Britain are keeping details about the scale of their personal debts secret from their other halves.
That’s according to a new piece of research published by the Money Advice Service (MAS), which is encouraging people across the country to open up more about the financial difficulties they’re facing.
The government-backed financial education organisation has launched a public awareness campaign called ‘Talk Money Week’, which runs from the 12th to the 18th November and is designed to encourage more people to talk about their personal debts.
Collectively, across the country, Brits are estimated to be keeping close to £96 billion worth of debt secret from their friends and family.
That scale of hidden debt equates to an average of £4,164 per person but there are many people with much greater debts who keep the details of their arrears entirely to themselves.
MAS’ research suggests that a majority of Brits would prefer not to talk to friends or family members about money problems or debts because they wouldn’t want to worry them.
Men are apparently less open than women when it comes to money and 50 per cent would prefer not to broach the subject with their friends, while a still significant 43 per cent of women admit that they too leave their friends completely in the dark when it comes to their debts.
Credit cards were found to be the most common kind of concealed debt, with 48 per cent of people who keep their spending a secret indebted at least to some extent to their plastic payment card providers.
“Debt can be a particularly difficult topic to broach, especially if you’ve fallen into a spiral and don’t know how to get out of it,” says Caroline Siarkiewicz, head of debt advice at the MAS.
“But sharing a problem is the first step to solving it; it’s always better to be open with your loved ones when it comes to money.”
If you live anywhere in Scotland and you’re worried about your debts then you can talk to Scotland Debt Solutions and we’ll be happy to help. You can arrange a FREE and confidential consultation any time.