Secret Spenders: Londoners found to be the most likely to lie to partners
30 May 2017
- Two fifths (44%) of Londoners admit to hiding their annual income from their partners
- Half (53.21%) say they’d hide assets if they were to get a divorce
A new study released today by the Co-op, reveals that two tenths (20%) of UK adults don’t always believe that honesty is the best policy – particularly when it comes to their finances.
The study, conducted among coupled-up UK adults, found that more than two fifths (44%) of London’s residents admit to hiding their annual income from their other halves, compared to just a tiny fraction (8%) of their Yorkshire based counterparts.
Furthermore, if faced with divorce, over half of the UK capital’s earners would consider hiding assets from their partners in a bid to hold onto what they believe is rightly theirs and over three tenths (31%) of the nation would do the same.
The research also uncovered that UK adults are most likely to develop a secret spending habit between the ages of 30 – 34, with two fifths (42%) owning up to hiding all of their monthly expenses from boyfriends, girlfriends, husbands and wives.
This represents a generational change in spending habits, with the research finding that almost three quarters (73%) of over 65s share all of their monthly purchases with their loved one.
Adults earning over £150,000 are most susceptible to hiding wealth, with four fifths (84%) admitting to this and over four fifths (87%) confessing that they’d be willing to hide assets from their partner if a divorce was to arise.
Commenting on the findings, Tracey Moloney, Head of Family Law for the Co-op said:
“It may come as a shock to see that a large percentage of those in the UK would be willing to hide assets from their partner when going through a divorce.
“Divorce is such a personal and unique decision between two parties and it’s important that both parties are willing to talk openly and honestly about finances. In my experience, this makes for a more amicable divorce and avoids the situation turning hostile later down the line.’’
Co-op Legal Service’s free guide on divorce and finances can be found here: https://www.co-oplegalservices.co.uk/family-law-solicitors/divorce/finding-assets-during-divorce/
Notes to Editors:
Research was conducted in March 2017 on behalf of Co-op by Atomik Research, among 1,000 UK adults
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