Couples cannot afford to split

Posted by Kirstie Brown in Personal Finance on 1 September 2016 - Kirstie is a Senior Credit Analyst at checkmyfile.

A recent survey carried out by the advice firm Portafina has found that an astonishing 92% of people believe that they would struggle financially if their relationship were to break down.

The vast majority of the 1,000 participants has identified the need for greater education and better planning from a younger age, to ensure that individuals are better prepared to cope with a drastic change such as a relationship coming to an end.

Jamie Smith-Thompson of Portafina has said that people should take a greater interest in financial education from a young age to prepare them for any eventualities that they may face throughout life. “This would help people to have a strong understanding of money, including how to manage it and the steps you can take to stay financially secure. It's also possible that this would encourage people to be more open when it comes to discussing their finances, which could reduce the levels of secrecy that we found. More openness and communication in relationships can really help people create the future lifestyle they want.”

This comes after the research found that 57% of people in a long term relationship have not opened up to their partner about their financial circumstances.

In addition to this, 40% of those surveyed said that they kept an inheritance a secret from their other half, while 43% have confessed that they are currently or have previously hidden debts from their other half. Possible reasons for this include feeling uncomfortable due to a difference in income, being financially hurt by a previous partner and protecting themselves in the possible event of a break up.

Smith-Thompson goes on to say, “It's not unusual for friends or colleagues to talk about money when things get tight before payday, but we wanted to know just how far these conversations go and how much we share. We were surprised to find that more than half of those in relationships don't discuss details such as salary, debts and savings with their partner, with debts being at the bottom of the sharing list. While some people see this as a way of protecting themselves in the future, the benefits of sharing important financial details and knowing about potential pressure points - such as debts or changes to retirement planning - should not be underestimated.”

Finally, the survey also uncovered that men were more likely to have saved enough for retirement. 21% of men say that they have saved enough to live on once retired, compared to 7% of women. This gap can be explained by women taking career breaks through their lives.

Check Your Multi-Agency Credit Report

30 Day Free Trial

Are Car Insurance Premiums Calculated Fairly?

Recently news stories have emerged alleging that a “John” might be more likely to get a cheaper car insurance quote than a “Mohammed”, and that someone with a Gmail account could be offered a lower premium than someone with a Hotmail email address.

Published on 12 Feb 2018 by Jamie Mackenzie Smith

Full Article

The Cost of Incorrect Information on Your Credit Report

Your credit file is compiled from a number of different sources, including payment history from each of your lenders (past and present) and public data as reported by local authorities and courts. The majority of people find that everything held about them is correct, but due to the large amount of information being shared, errors in the information reported can happen, which can lead to issues when you go to apply for credit.

Published on 2 Feb 2018 by Tom Blandford

Full Article

Your Guide to Open Banking

On 13 January, the UK banks embarked upon arguably one of the biggest changes to personal finances since the introduction of computers. Open Banking is aiming to make it easier for banks, lenders and consumers to access and share information, with a view to creating new products and opportunities through innovation and increased competition.

Published on 15 Jan 2018 by Jamie Mackenzie Smith

Full Article

HMRC Bans Credit Card Tax Payments

From 13 January 2018, it will no longer be possible for consumers to use a personal credit card to make a payment on HMRC’s Self-Assessment tax portal. Historically, this has been a popular option as it allows what is often a considerable sum to be deferred.

Published on 12 Jan 2018 by Tom Magor

Full Article

How to Get the Best Deal When Buying a New or Used Car

Buying a new car is both exciting and expensive, but if you know where to look and when, you can grab yourself a bargain. If you take a little time to look into finance or loan deals as well, you can bring down the overall costs significantly.

Published on 11 Jan 2018 by Kevin Pearce

Full Article

Are football clubs exploiting their fans

With Premier League teams under huge pressure to remain in the top flight of English football, the amount lavished on transfer fees and player wages have soared in recent years.

Published on 8 Jan 2018 by Sam Twyford

Full Article

What The 2017 Autumn Budget Means For First-Time Buyers

Wednesday’s autumn budget brought great news to would be first-time homeowners: if you’re buying a home up to the value of £300,000, you won’t have to pay stamp duty for the property. This, the Conservative Party estimate, will benefit 80% of first-time buyers, saving them potentially thousands of pounds on the total cost.

Published on 28 Nov 2017 by Jamie Mackenzie Smith

Full Article

Blacklists - Ten things you probably didn't know

1. Blacklists are not unlawful. No lender is compelled by law to give credit or to give any reason when declining credit. Each may consult several sources of information before making a decision, including any form of list that may exist. Any list containing personal data is automatically regulated by the Data Protection Act 1998.

Published on 9 Oct 2017 by Barry Stamp

Full Article

Is a credit building card a good idea

A credit building credit card is most often used by people that are either looking to improve their credit rating or take out their first credit card.

Published on 24 Mar 2017 by Kelly Luff

Full Article

Which Credit Report Information Can Landlords See

Whenever you rent a property, you will be required to pass some checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to afford to rent the property.

Published on 7 Mar 2017 by Kevin Pearce

Full Article


We have loads of great customer reviews