Survey: Are you in the dark over partner’s finances?

Brits are unwilling to share everything about their finances with their partner, at least until they’re sure they are in a committed relationship, according to new findings from Scottish Widows’ Dare Not Ask survey.

By The Newsroom
Thursday, 20th October 2011, 5:49 am

6.6 million loved-up Brits admit they don’t know everything about their partner’s finances, and 7.3 million say they only share a limited amount of information about their own financial situation with their other half.

Many people admit they are waiting for signs of a greater commitment before sharing more with their partner, with one fifth of those not willing to talk about money saying they would be more open if they bought a house together.

15 per cent say they are waiting until they have been together longer, and 14 per cent say it would take having a child together before they reveal their monetary situation. However, nearly a quarter say their partner only needs to ask and they will open up.

Feelings of financial inadequacy mean many people prefer to keep their partner in the dark, with one in six (16 per cent) too embarrassed about the state of their finances and one in nine (11 per cent) worried their partner would be critical of the the size of their bank balance, or lack of it.

12.5 million people (36 per cent) say they tend to argue with their partner over finances, while just over a quarter (27 per cent) claim never to clash with their partner over money matters.

Couples living apart are most likely to be economical with the truth, with two fifths (42 per cent) keeping some financial information to themselves, compared to only 19 per cent of those married, in civil partnerships or co-habiting.

Over a quarter of those in a relationship don’t have a clear idea of how much their partner earns.

Londoners are the most cagey when it comes to talking about their wage packet with a third not knowing how much their partner earns compared to those in the East of England and Yorkshire and Humber, where 81 per cent were fully clued up.

More than a quarter of Scots are unaware how much their other half takes home.

Catherine Stewart, savings expert at Scottish Widows said: “Money matters can be a touchy subject for couples and some people can be loath to tell their partner how much they earn if they feel it may cause imbalances within their relationship. If people don’t feel that they can talk openly with their partner about their finances, it is vital they talk to a financial adviser about how to manage them best.”