Uk Hides 50 Billion Debt From Partners
As personal debt soars, recent research by AXA; as part of its My Budget Day shows
that over 24% of UK adults (thats a huge 12.2milion of us) are hiding debt from our partners, family and friends. Thats an estimated 4,096.32 that is being denied per person!
The research suggests that potentially there is 50.1 billion pounds of hidden debt across the UK.
The research tells that covering up personal debt to a partner, family or friends comes third in the list of things todays UK adult population are most likely to lie about.
40% of adults lie to their partner, family and friends
From those adults, a staggering 44% are aged between 19-30, which is the largest age group likely to lie, of which 26% of this group are hiding the most amount of debt
Those aged between 36-40 are likely to have around 5,883.80 of debt
This figure decreases fractionally to 5,880.47 in persons aged between 46-50
Interestingly, the two things people would lie about before hidden debt are the amount of money an item of shopping has cost, and how many sexual partners they have had (22% of men lie about their sexual partners Vs 21% of women).
Men and women lie about different things
The UKs female population will lie mostly about the cost of their shopping (and most cited was shoes!) around 24% of women
While men were likely to lie about how much they had had to drink 24%
Worryingly, 22% of UK men lie about their state of health
Hiding debt through embarrassment
Fearing how their partners will react, over 23% of people lie about their finances; 31% of which claim to feel embarrassed about their financial situation, and a further 21% hiding it because it got out of control. Worryingly again, is the fact that 14% of UK adults just didnt realise quite how much debt they had accumulated.
Debt liars across the UK
Whilst UK adults across the whole country are lying about their debt, the My Budget Day research found that
Scottish residents are most likely to lie 46%
Whilst those living in the East Midlands lie the least 33%
With Welsh households housing the most amount of personal hidden debt of 5,000
The Welsh are also the most embarrassed about their debt problems 39%
Those adults residing in Northern Ireland are said to have around 1,744 worth of debt (3,256 less than their Welsh neighbours)
Everyday luxury goods piling up UK debt
Unsurprisingly, everyday luxury goods are the highest contributors to personal debt with
35% spent on clothes
34% spent on holidays
Eating out equates to 25% of debt
And food and drink equates to 24%
Which sex hides the most debt?
From the AXA research, it shows that fractionally more men, than women, are hiding debt from their partners, friends and family. However, women actually hide around 500 more debt an average of 4,273 by women and 3,755 by men.
28% of women said they were scared how their partners, family and friends would feel about their debt, whilst their male counterparts simply felt it was nobody else's business.
by: Barry Babister
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