Many people admit to having secret credit cards and loans as money worries surge

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Many people admit to having secret credit cards and loans as money worries surge

According to a survey, four in ten people admit having a secret credit card, loan, or savings account with affiliates who are most likely to stay in the dark.

Millennials between the ages of 25 and 34 are the most secretive age group. 59 percent hide money products. This is the result of research by the government-sponsored Money and Pension Service (MaPS) on the occasion of Talk Money Week.

This compared to a little over a quarter of retirees aged 65 and over.

Although the coronavirus pandemic hit the finances of large parts of the population, more than a third of those surveyed said they were silent about money worries.

The publication of the survey, which was conducted among more than 5,200 people across the UK, marked the start of Talk Money Week (November 9-13), a campaign by MaPS to improve financial wellbeing by encouraging people to: to find out about their finances.

The Talk Money Week study also showed that people in relationships tend to underestimate the extent of the money secrets their partner is keeping from them. In some cases, people have serious debts hidden.

One interviewee said, “I was once close to bankruptcy because of credit cards and credits that I didn’t reveal to my partner until they couldn’t be hidden anymore.” I finally admitted the problems and we sorted them out. “

Another said, “I didn’t tell my husband when I lost control of our credit card debt and ended up juggling cards and minimum payments.”

Sarah Porretta, Director of Strategy and Insights at Money and Pensions Service, said, “We know there are many reasons why people keep money secrets from those who are closest to them. A secret savings account could serve as a buffer for those looking to escape a difficult relationship; An unpaid bill could be kept under lock and key to protect anxious family members.

“For many who keep money secrets, it can be a feeling of shame or embarrassment that debt has gotten out of hand.

“However, we also know that many people will face financial concerns due to the financial impact of Covid-19.

“So if you feel like this is overwhelming, talking to someone – a friend, family member, or an expert – can open up a different perspective and allow you to feel more in control.

“Opening up is a valuable start to making problems easier to cope with, for the benefit of our health, relationships and general well-being.”

The Money Advice Service has budgeting help and guides on how people can talk about money on their website, including http://www.moneyadviceservice.org.uk/en/articles/talking-to-your-partner-about-money.

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