Do you know what your other half earns?

Do you know what your other half earns?
Do you know what your other half earns?



Nearly half of married people say they don't know what their spouse earns - although their partner's finances can affect their own credit rating.

In a study of 2,000 people, credit ratings agency Noddle found that only 56% know exactly what their other half is paid, with a quarter saying they hadn't even discussed money when they got married.

This is despite the fact that 41% of single people said they'd want to find out if the person they were dating had a bad credit rating before things got serious, and more than a quarter said they'd break up with someone they were dating if they found out they were in a lot of debt.

But the figures indicate that there must be a lot of deluded people out there. More than a quarter of people believe that their spouse has no debts - unlikely, given that the average UK household owes close to £10,000 on debts such as personal loans, credit cards and overdrafts.

One in 20 of the respondents said they didn't think their financial situation was any of their other half's business. But it can have a big effect on a spouse's prospects too.

"Knowing about your financial health – and that of anyone you are financially involved with – is crucial whether you're applying for a credit card, getting a mortgage or looking for the best deals on utilities or mobile phones et cetera," says Noddle managing director Jacqueline Dewey.

"That's why we're calling for consumers to have full financial disclosure with their other halves."

While 16 to 24-year-olds are most likely to know what their partner earns it's those who are over 55 who are most likely to have achieved this full financial disclosure, with 69% claiming to know everything about their spouse's financial situation.

You're not actually liable for debts run up by your spouse, the exception being utility bills. If you have accounts in joint names, though, such as bank accounts and credit cards, you can be held responsible and chased for payment.

And if you do have any joint credit of this sort, a lender can look up their credit rating as well as your own. This means that your partner's poor track record could affect your ability to borrow money or take out a payment plan.

"Our research shows that as a nation we still shy away from talking about money, even with our spouse or partner," says Dewey.

"Whilst it may seem tempting to keep this information to yourself it can have a detrimental impact on your financial decisions and, ultimately, your relationship."



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Improving Your Credit Rating in the UK

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