Almost half of people admit lying to their partner about money

New research by Confused.com has found that almost half (48%) of people admit to lying to their partner about their financial situation in the past.

With the cost of living crisis putting financial pressure on people it’s not surprising that money can sometimes cause issues in relationships. Over one in two (58%) partners argue about money, and nearly a fifth (19%) do so regularly.

When sharing finances, there is a level of trust partners could expect from each other. However, there are some cases where couples are more likely to fabricate the truth about funds.

The main financial factors couples have lied to each other about include monthly spending habits (19%), debt (16%), and salary (14%).

Money can be a difficult subject to navigate, especially for couples whose finances are intertwined. Yet not all couples manage their finances together. Over a third (37%) of UK couples don’t have a joint bank account at all, choosing to keep their money separate. Of those who do have a joint account, 81% use it for bills, 69% for general spending, and 41% put all of their income into it.

Even with joint bank accounts, not all couples split things equally. In fact, only 57% split bills 50/50, and a third (33%) for mortgage or rent payments. In fact, the main things people split equally are holidays (59%) and savings (59%).

With factors including inflation, salaries, spending, and more, couples are finding it increasingly difficult to face conversations around finances. That’s why exactly half (50%) of couples would feel more comfortable going to the toilet in front of their partner than asking them for money (31%).

To keep finances fair, over six in ten (63%) of people have a joint account with their partner. However, shared finances can cause issues for couples if clear plans aren’t in place.

With over six in ten (63%) couples owning a house together, navigating bills is another financial factor many must consider. Splitting bills equally is the most popular choice, as over a third (36%) of couples opt to balance their budgets this way. The research reveals that men in relationships earn more on average than their partner (66%). And nearly a quarter (23%) choose to split their bills in proportion to salaries, allowing more financial freedom for funds.

Whereas, couples are less likely to split things like their mortgage or rent – as just under a third (32%) would split this equally. Followed by dates (46%) and home improvements (50%). It’s clear couples tend to keep finances fair but are prepared to spend different amounts on certain things.

On average, people have been with their partner for 17 years. And with long relationships comes more shared aspects of life, like finances. That’s why over half (52%) of people have never lied to their partner about their financial situation

For couples who manage their savings together, over half (54%) do so in personal savings accounts to maintain financial independence. That’s compared to nearly 3 in 10 (28%) who save in a joint account.

Knowing how to manage money individually and as part of a couple is an important aspect of daily life.

Nicola Morgan, Personal Finance Expert at Confused.com, said “With the cost of living crisis persisting, finances could be a source of stress or a sensitive subject for couples. And it’s understandable why some would prefer to avoid talking about the topic of money altogether.

“But it’s important for partners to be open and honest with each other about finances, especially when living together or sharing larger finances.”