According to the latest research by YouGov on behalf of CallCredit Information Group, a significant number of people know next to nothing about their partner’s financial situation.
The research suggests that 34% of all UK adults who are in a relationship have no idea about the financial history of their other half and could be risking their future financial stability. This EIN press release from CallCredit states:-
The online survey of 2057 UK adults found that:
- 17% of people believe that their partner’s credit report is none of their business;
- One in ten (10%) do not know how much their partner earns;
- Nearly a fifth (18%) do not know how much debt, if any, their partner has.
Couples in Wales were most open about money, with 74% of people having some knowledge of their partner’s financial history, while those in London were the least likely to share, with 40% admitting they did not know what their partner’s financial history was like, followed by the West Midlands and the East Midlands, both at 38%.
The research also found that although more than half (53%) of couples have some form of joint finance, such as a shared bank account or mortgage, many UK adults (43%) did not know that joining finances in this way would automatically create a ‘financial association’ on their credit report. Once a financial association is established, lenders may take both partners’ financial histories into account when assessing future requests for credit, even if later applications are made in only one name. As a result, if one person has a poor credit history, they could damage their partner’s chances of getting finance.
On the face of it, it seems shocking that so many people know so little about their partner’s credit history, especially when joint finance can affect an individual’s credit score in the future.
I guess with age comes experience - at 20, I had little knowledge of my boyfriend’s financial situation. I knew what job he did, but had no idea how much he earned or whether or not he had any bad financial history. I really only took an interest when we moved in together, had joint accounts and thought about getting married and all that that entails.
Now, at *cough* 15 years later we have had our ups and downs, but we have got through the not so good times and enjoyed the better ones, learnt a lot and come out stronger at the end. Looking back, if I had to do it all again I would definitely have taken a more in depth look at our joint financial health, but hindsight is a marvellous thing!
How much do you know about your other-half’s finances? Do you share all of the financial responsibilites? Tell us in the comments below.
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March 6, 2023
finance