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Consumers 'Uncomfortable' With Finances

Nov 22, 2007
People are increasingly being secretive about their monetary situation, new research has revealed.

According to research conducted by Cater Allen Private Bank, just under a third (30 per cent) of Britons are currently hiding a financial secret from their partner, whether this relates to having a hidden current account or applying for a personal loan without their knowledge. However, people from the south-west and Wales are the most truthful in terms of being honest about their finances.

In addition, findings from the financial services firm indicated that about half of people have lied to a loved one about how much a purchase has cost them. Cater Allen also reported that 28 per cent of males have lied about the cost of a gadget, while a similar proportion (27 per cent) of women have told a mistruth about how much they have spent on clothes. Overall, those between the ages of 25 to 34 are revealed to be the most likely to withhold financial details from their partners, with a secret stash of cash being their most popular form of deception.

The study also showed that five per cent of residents from both Scotland and the midlands have taken out a loan without telling their partner. This proportion falls to three per cent, meanwhile, for people from the south-east and northern England. However, residents in north of the country are the most likely to have a secret credit card balance, as 11 per cent have such a form of borrowing outstanding. People from the midlands and Scotland are the second and third most probable to have a covert credit card, with ten and eight per cent of consumers from the regions being in this type of debt respectively. Research also indicated that two per cent of respondents throughout Britain have some type of secret assets either accrued via property or investments.

Commenting on the figures, Richard Dunn, managing director for Cater Allen, said: "Since we were founded in 1816, financial etiquette has undoubtedly changed. While it has traditionally been considered bad manners to talk about money, this research shows that modern Britons are not comfortable with being upfront about their financial affairs too."

For those wishing to be honest with their loved ones about money and who find that they are struggling financially, taking out a personal loan could be one way for them to get back on their fiscal feet. Speaking earlier this year, Lisa Taylor, analyst for Moneyfacts, reported that loans and other types of borrowing have becoming increasingly popular over the years as people look to keep up with living costs during various changes to their financial situation. She claimed that when "used wisely" products such as personal loans can be extremely useful during attempts to create a budget. It is possible that such a loan can be used as a type of debt consolidation as it can help to make payments to a number of creditors quickly and easily. However, she urged borrowers to make more than the minimal repayments whenever possible so as to avoid incurring unmanageable debt problems in the future.
About the Author
Tom Dawson writes for Essentially Home Loans where visitors can apply for secured personal loans online, we also specialise in bad credit secured loans for UK residents. Visit Today: http://www.essentiallyhomeloans.co.uk
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