Find out what our customers have to say about our service.Read more
Shocking secret debt levels exposed
Friday August 31st 2012
Behind closed doors all over Britain, men and women are hiding substantial amounts of debt from their partners, new research suggests.
If the Co-operative Bank's Modern Families and Households report's findings were extrapolated across Britain, then it is estimated that people in relationships could have as much as £41bn of debt hidden away from their loved ones.
The study's findings show that though men are more likely to keep debts a secret, around 15% as compared to 11% of women, the level of debt is markedly lower. The women questioned had an average debt of £22,418, substantially more than the average level for the men, £14,228.
Over three in five people surveyed admitted to racking up debts on credit cards, overdrafts or mortgages.
It was found that people were not only hiding debts, they were also keeping their savings secret. Of the 13% who said they had money secretly set aside, the average total was £9,517.
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!