UK Wedding News
23/04/2015
A new study has revealed that almost half of couples in the UK will not be completely honest with their partner when it comes to finances.
The research, commissioned by the Money Advice Service, found that of the 2,000 adults questioned, 45% confessed they are not always honest when it comes to their earnings – or spending habits.
Almost one in five respondents (18%), said they had previously lied to a partner about how much money they earn, with 22% of men guilty of such a lie. Interestingly, however, the survey found that people are actually twice as likely to understate the amount someone earns, as opposed to deliberately overstating their income.
When it comes to being dishonest about earnings, 31% said they did so because they know their other half earns less money, while 28% felt their partner wouldn't like knowing that they earned more. However, 21% did it to make sure partner was with them for the right reasons, confessing they didn't want their partner to like them "just for their money".
The most common reason people gave for overstating their income was "thinking they wouldn't have a chance with the person otherwise" (41%), while a – perhaps brutally – honest 33% said they just wanted to "show off".
Meanwhile, 11% of those polled said it is never appropriate to ask a partner how much they earn, with the same amount saying it is only appropriate if their other half asked first. 15% of people also think it's appropriate to ask about earnings within the first month of a relationship, with 6% saying it is acceptable to do so within the first week.
Looking at spending habits, 24% admitted to lying to their partner. Of those, women are most likely to tell fashion-related lies. For example, 66% have been dishonest about their spending on clothes and 41% have lied about spending on shoes. In contrast, men are most likely to lie about spending on nights out (39%), holidays (28%), and gadgets and technology (27%).
Nick Hill, money expert at the Money Advice Service, said of the findings:
"For many couples, honesty is key to their relationship, but our research shows that many people hide the truth from their other half. Some people are comfortable telling their partner the truth about their finances, while others opt to hide their income or spending in order to avoid having a difficult conversation.
"The important thing to take away from this research is that money should not be a taboo subject within a relationship, especially if you and your partner have intertwined finances which could impact your own credit rating and therefore your financial future.
"It is vital to know where you stand in order to protect your finances both during a relationship and when coming out of one and you'll feel much more positive, open and honest about your relationship as a result."
(JP/MH)
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45% Of Couples Lie About Finances
A new study has revealed that almost half of couples in the UK will not be completely honest with their partner when it comes to finances.
The research, commissioned by the Money Advice Service, found that of the 2,000 adults questioned, 45% confessed they are not always honest when it comes to their earnings – or spending habits.
Almost one in five respondents (18%), said they had previously lied to a partner about how much money they earn, with 22% of men guilty of such a lie. Interestingly, however, the survey found that people are actually twice as likely to understate the amount someone earns, as opposed to deliberately overstating their income.
When it comes to being dishonest about earnings, 31% said they did so because they know their other half earns less money, while 28% felt their partner wouldn't like knowing that they earned more. However, 21% did it to make sure partner was with them for the right reasons, confessing they didn't want their partner to like them "just for their money".
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The most common reason people gave for overstating their income was "thinking they wouldn't have a chance with the person otherwise" (41%), while a – perhaps brutally – honest 33% said they just wanted to "show off".
Meanwhile, 11% of those polled said it is never appropriate to ask a partner how much they earn, with the same amount saying it is only appropriate if their other half asked first. 15% of people also think it's appropriate to ask about earnings within the first month of a relationship, with 6% saying it is acceptable to do so within the first week.
Looking at spending habits, 24% admitted to lying to their partner. Of those, women are most likely to tell fashion-related lies. For example, 66% have been dishonest about their spending on clothes and 41% have lied about spending on shoes. In contrast, men are most likely to lie about spending on nights out (39%), holidays (28%), and gadgets and technology (27%).
Nick Hill, money expert at the Money Advice Service, said of the findings:
"For many couples, honesty is key to their relationship, but our research shows that many people hide the truth from their other half. Some people are comfortable telling their partner the truth about their finances, while others opt to hide their income or spending in order to avoid having a difficult conversation.
"The important thing to take away from this research is that money should not be a taboo subject within a relationship, especially if you and your partner have intertwined finances which could impact your own credit rating and therefore your financial future.
"It is vital to know where you stand in order to protect your finances both during a relationship and when coming out of one and you'll feel much more positive, open and honest about your relationship as a result."
(JP/MH)
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