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What 40% of us are hiding from our partners

New research from The Money and Pensions Service (MaPS) indicates that nearly 40% of us are hiding a secret money product from our partner, such as an undisclosed credit card or loan.

The government-backed study from the MaPS, which surveyed over 5,000 people from across the United Kingdom, aims to highlight the importance of discussing our finances with family and friends.

The COVID-19 pandemic has forced us all to rethink our relationship with money. Citizens Advice estimate that 6 million adults in the United Kingdom have fallen behind on at least one household bill during the pandemic. They believe that without government help, many households will be trapped in unfair and unaffordable debt in the future.

According to the Office for National Statistics (ONS), the unemployment rate in the United Kingdom is soaring. With an increase of 0.3% in just three months, 4.8% of the population are now without work. And with redundancies at a record high of 314,000, the MaPS argue that there is no better time to start an open and honest discussion about finance.

Talking about money is hugely beneficial to your well-being.

4 in 10 people admitted to keeping money worries from their partners, instead choosing to carry the burden alone. And 40% of those surveyed admit to feeling ashamed or embarrassed of their professional or personal finances. Credit cards, personal loans or secret savings accounts are the three products most likely to be kept hidden from family and friends.

The research conducted by the MaPS indicates that those who talk about money make better financial decisions; have better personal relationships; are less stressed and anxious, and are more likely to teach their children to maintain good money habits. So the MaPS are encouraging people to begin honest discussions about their personal and professional finances. It is proven that doing so not only improves your mental health, but it allows individuals to feel in control, confident and empowered to address their money worries.

We can help

If you are a business owner whose debtors are refusing to pay, then the team here at Cobra Financial Solutions can help.

We understand the importance of accurate financing and budgeting in the wake of the pandemic. Late payments not only impact the supply chain: they affect livelihoods. Receiving prompt payment is essential to business success during these challenging times.

Upon instruction, we can visit your debtors to claim back what is rightfully yours. We will get your money back in your pocket, where it belongs.

Cobra Financial Solutions collected over £14 million for our clients in 2019 and we hold an industry-high success rate of over 90%. Call one of our agents today on 0151 526 4222 to discuss your case.

For further advice and support related to finance management during the pandemic, visit the MaPS’s useful support guide.

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