More than a million British couples have broken up following arguments about their finances, according to research from CreditExpert.co.uk. A quarter of married or cohabiting people have had disagreements about spending or borrowing, and one in 20 couples have spilt as a result – 1.4million in total.
Arguments about money, the research showed, are more often than not about spending, with more than 90 per cent of people blaming their own or their partners' spending as the reason for financial quarrels. A further 27 per cent have disputes over borrowing and some couples quarrel over both spending and borrowing.
The survey also showed that one in ten lie about their finances to their partners, or hide their bank or credit card statements, and that people who have a poor credit rating, have been refused a loan, or are uncomfortable with their level of borrowing tend to argue more.
It also revealed that couples aged 18-34 tend to be more hot tempered when it comes to money issues with 42 per cent of couples admitting to having had a disagreement about finances.
Couples with children are more likely to argue and eventually split as a result of financial problems, which in turn has affected an estimated two million children - Jim Hodgkins, managing director of CreditExpert, is concerned by the findings, he said: “The survey underlines just how many couples in Britain argue, and in some cases split up, over their finances. What is sad is the number of children affected.
“It has never been more important to keep on top of your financial situation – if you feel worried about your level of borrowing, then your partner will pick up on it and feel worried too. An online credit report monitoring service such as CreditExpert gives you a summary of your credit situation, as well as alerting you to any changes in your credit report which could have an impact on your future financial plans and could just help to prevent future quarrels.”
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