Author Ben Leonard
Valentine’s Day is almost upon us and love is in the air. Despite 63% of people deciding to stay in to celebrate according to research by Festive Lights, it seems many Brits are still opening their wallets for the big day.
Nearly £1 billion was spent last year, which shows when it comes to love, we’re far from stingy.
To add to this, it has also been revealed that over three-quarters of us choose to share all of our financial secrets to our loved ones within a year of entering a new relationship. CashLady digs further to discover why we are so forthcoming with our finances.
77% of Brits reveal financial secrets within a year
As much as Brits are happy to open their wallets, it seems that they are also increasingly transparent, trusting and open in their relationships. That is in regard to the health of their finances.
The digital-only challenger bank, Fidor Bank, recently conducted research into 2,000 UK adults. These were adults who were also in a serious relationship.
Their research found:
- 77% of Brits reveal financial secrets to their partners within only 12 months of entering into a relationship
- Two years into the relationship, 84% revealed everything to their partner. However only 15% never truly opened up.
- The six-month mark is when Brits were most likely to tell all about their financial situation. 24% said they revealed everything in that month, while 17.75% did so at 12 months.
- while this garnered a great level of trust over a short period of time, only a small majority (51.25%) of couples say they share a joint savings account. Yet 48.75% do not.
What about Britain’s Financial Fibbers?
While a majority of Brits are being honest about their finances with their partners, there are still many of us who prefer to keep our financial secrets away from closer inspection.
Within the same research, it was revealed that 26% of them were most likely to lie to their parents. 25% would do the same to their friends. That is rather than doing so to their partners (22%).
The reasoning for not telling the truth to their partners largely revolves around embarrassment. Yet the fear of starting an argument also comes into the equation.
Where do Brits go for financial advice?
It appears that most Brits (47%) are most likely to search online when looking for financial advice. The internet, after all, is far more accessible and lends a certain amount of anonymity.
Only 35% went to their bank to seek advice while even less opted to go to their financial adviser (31%).
The pressures of Valentine’s Day
The VP of European Expansion at Fidor Bank, Sophie Guibaud commented:
“Valentine’s Day can put people under significant financial pressures, especially considering how close it is after the traditionally expensive Christmas period. Discussing financial issues, such as personal debts, should not be seen as a taboo issue, with this affecting more people than ever before in the UK. That’s why it is encouraging to see how open and honest British people are with their loved ones concerning their finances.”
She further explained:
“Overall, the research highlights that banks should do more to earn people’s trust, especially as more people look for answers online, than directly contacting their financial institution for advice and building an active online community can be one way of achieving more trust.”
Valentine’s Day while a celebration of love and closeness, can contribute a lot of pressure and stress after a busy Christmas period. Despite this turmoil, we are finding it easier to discuss financial issues with our partners.
Two-thirds of Brits reveal financial secrets, something which should be actively encouraged rather than seen as a taboo.