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Britons Are Secretive About Their Finances

by Jim ONeil on February 14, 2011

in uk loans news

What starts as a single hidden receipt soon snowballs into private bank accounts and credit cards. A September 2010 survey by the Post Office revealed that one in every six Britons has a bank account holding an average of £2,000. Not out of the ordinary, you say. Well, what if we told you that they have not revealed this account to their romantic partners?

Nearly 20 percent of the people surveyed reported that they were saving the money in case their relationship did not work. Ten percent of respondents reported keeping a stash so their partners could not spend it. This trend is not gender-focused, either. It could involve a female claiming she purchased a dress on sale when she did not or a man neglecting to say that he made, and lost, bets at the track.

These days, people marry later in life, after they have had individual bank accounts for many years. They treasure their financial independence and since more women than ever are working, females do not want to be financially accountable to their spouses. In addition, there is the security factor that a person will have money to live on should something go wrong in the union.

Though this may seem acceptable, it can cause problems when applying for a mortgage, credit card, or loan. If the finances of a couple are linked in any way, a lender could take the credit of either person into account when additional credit is requested. Therefore, if a partner runs up debt without your knowledge, it could affect your credit rating.

Couples should discuss money with each other, drawing the line between shared and separate finances. Keeping a separate bank account is acceptable, but do not let the situation get out of control. Consistently monitor the credit report and discuss any unfamiliar information because it may be something kept by a spouse.

ghet

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