Quarter of Brits hiding debt problems from their family
A new study carried out by the insurer Axa has shown that 40 percent of Britons would lie about their debt problems rather than reveal the truth about their financial situation.Around 24 percent of people surveyed revealed that they were hiding debt built up from overdrafts, credit cards, store cards or loans from their family, friends and even partners.
The average person owes £4,096 of hidden debt and the Axa report predicted that there was around £50 billion of hidden debt in the UK.
Almost a quarter of adults in the UK are lying to their loved ones about their debt with those aged 19-30 most likely to lie about debts and have the most hidden debt. The highest levels of debt are seen amongst those aged 46-50 and 46-50.
A third of people said they would like about debt problems because they were embarrassed about it, while 23 percent were worried about their loved ones reactions. 14 percent of people admitted that they didn’t realise how much debt they were in and one in five people hide their debt because it had spiralled out of control.
Alison Green, a spokeswoman for Axa, said: "There are over 12 million people in the UK today hiding their debt and financial concerns from their partners and family. Be that through embarrassment, fear or, in some cases, ignorance.
"The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives."
More men than women are likely to lie about their debt problems, but on average women are hiding much higher amounts. Women lied most about shopping and men about how much they have spent on drinking.
Lying about finances is the third most lied about thing in the UK, coming behind the number of previous sexual partners and the amount spent on a shopping item
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