Almost half (48%) of Brits admit lying to their partner about money

• Monthly spending habits (19%), debt (16%), and salary (14%) top the list for main financial fabrications between couples
• Not all couples manage their finances together, as 37% of UK couples don’t have a joint bank account
• Finances are not always split equally between couples - mainly splitting for holidays (59%), savings (58%), and household bills (57%)
• Just over 3 in 10 (31%) couples feel comfortable asking their partner for money
• Financial experts at Confused.com share advice on managing finances with a partner

Finances can be a sensitive subject, particularly in relationships. That’s as personal finance experts at Confused.com found that almost half (48%) of Brits have admitted to lying to their partner about their financial situation in the past.

With the cost of living crisis putting financial pressure on Brits, it’s not surprising that money can sometimes cause issues in relationships. Over 1 in 2 (58%) partners argue about money, and nearly a fifth (19%) do so regularly.

When sharing finances, there is a level of trust partners could expect from each other. However, there are some cases where couples are more likely to fabricate the truth about funds.

The main financial factors couples have lied to each other about include monthly spending habits (19%), debt (16%), and salary (14%).

Money can be a difficult subject to navigate, especially for couples whose finances are intertwined. Yet not all couples manage their finances together. Over a third (37%) of UK couples don’t have a joint bank account at all, choosing to keep their money separate. Of those who do have a joint account, 81% use it for bills, 69% for general spending, and 41% put all of their income into it.

Even with joint bank accounts, not all couples split things equally. In fact, only 57% split bills 50/50, and a third (33%) for mortgage or rent payments. In fact, the main things people split equally are holidays (59%) and savings (59%).

With factors including inflation, salaries, spending, and more, couples are finding it increasingly difficult to face conversations around finances. That’s why exactly half (50%) of couples would feel more comfortable going to the toilet in front of their partner than asking them for money (31%).

To keep finances fair, over 6 in 10 (63%) of Brits have a joint account with their partner. However, shared finances can cause issues for couples if clear plans aren’t in place.

With over 6 in 10 (63%) couples owning a house together, navigating bills is another financial factor many must consider. Splitting bills equally is the most popular choice, as over a third (36%) of couples opt to balance their budgets this way. The research reveals that men in relationships earn more on average than their partner (66%). And nearly a quarter (23%) choose to split their bills in proportion to salaries, allowing more financial freedom for funds.

Whereas, couples are less likely to split things like their mortgage or rent - as just under a third (32%) would split this equally. Followed by dates (46%) and home improvements (50%). It’s clear couples tend to keep finances fair but are prepared to spend different amounts on certain things.

On average, Brits have been with their partner for 17 years. And with long relationships comes more shared aspects of life, like finances. That’s why over half (52%) of Brits have never lied to their partner about their financial situation.

For couples who manage their savings together, over half (54%) do so in personal savings accounts to maintain financial independence. That’s compared to nearly 3 in 10 (28%) who save in a joint account.

Knowing how to manage money individually and as part of a couple is an important aspect of daily life.

Nicola Morgan, personal finance expert at Confused.com, shares tips for couples navigating sharing finances:

“With the cost of living crisis persisting, finances could be a source of stress or a sensitive subject for couples. And it’s understandable why some would prefer to avoid talking about the topic of money altogether.

“But it’s important for partners to be open and honest with each other about finances, especially when living together or sharing larger finances.

“There are many ways couples can address financial queries, they could try:

• Find a spending solution that works for both you and your partner: Every couple is different, as is their financial situation. For couples who earn different incomes, you should discuss whether you would split finances based on income or 50/50. This way, expectations are clear and fair, without causing issues later down the line.
• Develop and maintain boundaries: Couples will have different financial priorities based on their lifestyle, hobbies, career, and much more. That’s why it is important to discuss what you define as personal or shared expenses, that way finances and spending are clear between the two of you.
• Set rules for bigger purchases: Making sure you and your partner are on the same page for spending is important. Setting a spending threshold for major expenses like holidays, house deposits, weddings, and more can help you and your partner keep track of financial fairness.
• Emergency funds: Having an emergency fund is important in adding security not only to your finances but also to your relationship. If you and your partner set aside a specific amount each month in case of an emergency, you’ll feel more secure should anything unexpected happen that could impact your joint finances.

“It’s important to find spending and savings styles that work for you and your partner. Finances aren’t the most exciting part of a relationship, but the longer you are with your partner and the more you share, sharing money and contributing to things together is a natural reality. That’s why you should be upfront about your financial situation and any concerns you may have.”

- ENDS -

Notes to editors