Nearly two thirds of young adults ‘expect long-term partner to reveal debts’
Nearly two thirds of young adults would want their partner to reveal how much debt they have before they commit to a long-term relationship, a survey suggests.
Some 61% of 18-to-35-year-olds feel that, once past the early stages of a relationship, it is important to know how much debt a partner holds, with nearly two fifths (38%) also saying they would want to know how much their partner earns.
Three in 10 (30%) would expect to reveal how much they have put away in savings, Lloyds Bank’s survey of more than 2,000 young adults found.
The most important factors before deciding whether to commit included general aspirations for the future (85%), whether one person wants children (83%) and a potential partner’s relationship with their family (66%).
But despite wanting to know how money a partner owes, just 4% said they would be put off by a prospective partner being in the red – with keeping debts hidden seen as a bigger deal breaker.
A fifth (21%) of young adults felt that a partner keeping money problems a secret could put a stop to a long-term relationship.
A lack of ambition (9%), a different sense of humour (8%), and different hobbies and interests (7%) were also seen as barriers.
Lloyds Bank is running a campaign called M-word in partnership with relationship charity Relate to encourage more conversations about money.
Here are Relate’s tips for talking about money:
1. Pick an appropriate time and a place for the conversation.
2. Understand the current state of affairs.
3. Understand what’s important to each other.
4. Work out what to share and what to keep separate.
5. Create shared financial goals.
6. Build a healthy habit by having regular conversations about money.