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Secret spenders: What is the true state of the nation’s spending habits?

Published: 4th September 2014 09:44
Secret spenders: What is the true state of the nation’s spending habits?

 

 Financial Confessions

 


An independent survey carried out by Experian, the global information services company, finds that 16% of Britons have discovered their partner has been keeping financial secrets from them. A further 11% have strong suspicions that their partner has been less than honest about their spending. We took to the streets to see the lengths us Brits will go to in concealing our habits from our partners…

While disclosing how every last penny is spent isn’t always necessary for a happy relationship, the research did show that some serious financial truths are being withheld which could have serious implications for both partners with 29% of Brits finding out their other half was hiding credit card debt from them.

Poorly managed debt can potentially have a long-term impact on a couple’s finances – particularly if they are among the 36% of Britons who have joint credit agreements.

But the impact is not purely financial as being economical with the truth can also have a big emotional impact.

So what are the worst excuses in the book, and what tricks do people employ to try and conceal their shopping habits? Watch the video as the true state of the nation’s spending habits is unearthed, and hear from relationship expert Jo Hemmings as she offers her advice to help with our spending habits.

 

If you think you might be a secret spender, Experian has the following advice:

  1. Don’t panic: Remember, no two people are the same and we all have been guilty of having a little splurge every now and again, even if we know we shouldn’t. The question is whether your financial secrets risk hampering your shared goals for the future?
  2. Take control: Whatever your financial situation, it’s yours to control. Understanding your spending, savings, debt and how you can achieve your future goals will help you get on the right track for the future.
  3. Understand your past: We all have a financial history and how you have managed any debt you have had in the past, has an impact on how lenders will look at applications you make in the future. Your Experian credit report will show your credit history for the last six years including a summary of money owed and also the positive and negative factors that are affecting your Experian credit score
  4. United, apart: If your partner is a saver, and you are a spender, joint financial arrangements may not be the answer. If you have joint financial accounts, your credit reports will become linked which could possibly damage you / your partner’s chances of getting approved for credit in the future – and at the best rates.
  5. Plan for your future, together: If debt or your credit history is the problem, there is light at the end of the tunnel. Credit reports generally only look back 6 years and lenders will always give greater weighting to your most recent behaviour. Speak to the credit experts and get as much advice as you or your partner needs to improve the picture your credit report paints of you.
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