Couples Advised Not to Keep Their Debts a Secret

People in long-term relationships have been advised not to conceal debt problems from their partners because they could easily become a source of tensions in years to come.

The financial services firm Aviva has conducted research suggesting that roughly two in five people in the UK keep money-related secrets from their partners.

Often those secrets relate to savings set aside but there are understood to be lots of cases too in which people are keeping their debt problems entirely to themselves.

The advice from Aviva’s experts is for people in long-term relationships to try to be transparent about their financial situations, even if that sometimes means tackling tough conversations.

“Money is often a taboo subject in relationships, and at times it can be hard to discuss it rationally,” says Alistair McQueen, head of savings and retirement at Aviva.

“Hiding savings or concealing debts from your partner can be a huge source of tension, and it can also seriously impede longer-term financial goals and ambitions.

“Being upfront, honest, and transparent about your finances with your partner can help avoid problems in the future.”

Aviva’s research also suggests that around 26 per cent of Brits bicker about financial issues at least once a week, while 5 per cent say they argue about money almost every day.

At the same time, around 27 per cent of people say they argue with their partners about bills on a regular basis and 18 per cent say they frequently quarrel about debt-related issues.

Perhaps unsurprisingly, just over a third of respondents to Arriva’s polling said that they’ve found themselves arguing about money more often since the start of the cost of living crisis.

Mr McQueen from Aviva has emphasised the important role that debt advice and expert guidance can play in helping couples keep their finances and their relationships on track.

“Whether you want to know how to clear your debt, find the best savings rates, consolidate your pension pots or find the most tax-efficient way to invest your money, seeking the right advice to make sure you are aware of all options is key,” he said.

If you live in Scotland and you are worried about your debt situation from any reason then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.