More than 1 in 4 (29%) young people have discovered that their partner had made a big financial purchase without telling them
15% said their partner had put bills in their name and then not paid them back, causing damage to their credit score
As a result, 1 in 5 (19%) young people don’t trust their partner enough with finances to open a joint account
Episode 3 of Experian’s The Cost of Loving podcast with Anna Williamson explores the themes of dating, debt & financial infidelity and is available to listen on all major podcast streaming platforms now
As Episode 3 of The Cost of Loving podcast launches today, new data from Experian has revealed that more than 1 in 4 (27%) 18-35 year olds have lied about their financial situation to a partner, and almost 1 in 5 (19%) wouldn’t trust their partner enough to open a joint account together.
More than 1 in 4 (29%) young people have discovered that their partner had made a big financial purchase without telling them and 15% said their partner had put bills in their name and then not paid them back, causing detrimental effects on their own credit score.
The number of young people having experienced financial infidelity certainly won’t help an already financially anxious generation. Two-thirds of young people (66%) said they experienced financial anxiety (73% of women vs 59% of men), and 1 in 2 (51%) said they were cautious of their partner’s spending habits.
The Cost of Loving: Episode 3 explores financial dishonesty and distrust in relationships whilst also offering helpful solutions on how to have transparent, honest conversations about financial situations with a romantic partner. Host Anna Williamson is joined by financial educator and content creator Megan Micklewright, aka The Savvy Spender, who shares her experience of financial infidelity within her own family on the podcast and how others can learn from that experience.
Whilst physical and emotional infidelity are commonly discussed issues, financial infidelity is less discussed. Financial infidelity can be defined as ‘financially deceiving a romantic partner’, and can take many forms, including spending the other person’s money without their consent, using joint funds to make secret purchases and hiding debt.
This rise in financial infidelity comes as more than 2 in 5 young people (43%) have been in financial debt, and the average amount of debt from funding dates and relationships is £22502.
Recent unhealthy social media narratives have led to 38% of young people facing intense pressures to treat their partner to lavish gifts or experiences, and almost 2 in 5 (39%) have ended up spending all their savings on dates and relationships. A quarter (23%) have maxed out their credit card and 1 in 10 (10%) have even used a loan shark.
Megan Micklewright, financial educator and guest on episode 3 of the podcast said: “Debt can be such a tricky thing to talk about, particularly with a romantic partner, but avoiding these conversations can lead to financial infidelity and be detrimental to a relationship in the long run. Whilst it’s so valid to not want to disclose these kinds of details on a first date, if you’re looking to get serious with a partner, financial trust is a must - and ultimately anyone that’s worth getting serious with will be willing to listen.”
James Jones, Head of Consumer Affairs at Experian added: “Knowing that almost 1 in 5 young people wouldn’t trust their partner enough to open a joint account is a concerning statistic. Whilst joint finances aren’t an essential part of a relationship, it’s worrying that many people have such a lack of financial confidence in their partner. The only way to create change here is to encourage financial transparency, and we hope that The Cost of Loving will be a great segue into these kinds of conversations.”
With topics and advice to help educate and engage, Experian’s Cost of Loving podcast is available to listen on Spotify, with Episodes 1, 2 and 3 available now.
For more information and support on how to improve financial health, head to https://www.experian.co.uk/
ENDS
Notes to Editors:
1 Based on a survey of 2000 18-35 year olds conducted by 3Gem January 2024
2 Exact figure £2246.50
Full data set:
The average debt from dating and relationships amongst 18-35 year olds is £2246.50
5% of young men have gotten themselves into over £10,000 of debt from dating/relationships
59% of young people say social media influencer has contributed to expectations to overspend on their partner
63% believe social media has influenced people to date for money and materialistic reasons over love
36% of men have browsed a potential date’s social media profile to check if they could afford their lifestyle vs 28% of women
Of 10.1 million 18-30 year olds, 16.6% are currently in arrears or default meaning they have overdue debt or have failed to repay loans
Of the demographic in question, younger men use the greatest proportion of their available credit - with the average credit usage for 18-21 year old men coming in at 33.4% vs. 25.7% for 26-30 year old males3
27% have lied about their financial situation to a partner and 19% wouldn’t trust their partner enough with finances to open a joint account together
43% have been in financial debt
Biggest ways people have got into debt from dating:
Spent all of their savings (39%)
Gone into their overdraft (35%)
Taken out a credit card (26%)
Maxed out their credit card (23%)
Taken out a legal loan (20%)
Used a loan shark (10%)
29% of people say their partner has made a big financial purchase without telling them
51% say in a relationship they’re cautious of their partner’s spending habits
19% have been in a relationship that ended due to financial troubles
1 in 2 (51%) said they were cautious of their partner’s spending habits.
66% of people experience financial anxiety (73% women and 59% men)
38% feel under pressure to treat their partner to lavish gifts or experiences based on expectations set by social media (41% men, 35% women)
37% say their partner’s financial anxiety has affected their relationship in a negative way
About the podcast
The Cost of Loving is a 5 part podcast series hosted by Celebs Go Dating therapist Anna Williamson in partnership with Experian, which delves into the intersection between dating and finances.
● Episode 1: Gender Expectations
○ Special guests: Tayo & Antoinette Oguntonade, Financial Influencers
○ Launch date: Available now
This episode explores gender stereotypes and expectations within the world of dating, from splitting the bill to gifting as a love language.
● Episode 2: Wage Gap Relationships
○ Special guest: Devamsha Gunput (@devamshagunput), aka ‘the financial hot girl’, and authors and lifestyle influencers @twodadsinlondon
○ Launch date: 20th February
This episode addresses wage disparity in relationships, including the subsequent power dynamics and how to navigate open and honest conversations about finances with your partner.
● Episode 3: Dating, Debt, Financial Anxiety & Financial Infidelity
○ Special guest: Megan Micklewright / The Savvy Spender - financial educator & content creator
○ Launch date: 27th February
This episode explores dishonesty surrounding finances within a relationship - or ‘financial infidelity’, and how and when to have transparent, honest conversations about your financial situation with a romantic partner.
● Episode 4 - Financial Break-ups
○ Launch date: March
○ Special guest: Oenone Forbat, author and podcaster
This podcast episode explores the financial problems and dilemmas associated with break-ups as well as the cost implications of breaking up and having to resplit finances.
● Episode 5: Financial Red Flags
○ Launch date: March
○ Special guest: Malin Andersson, ex-Love Island contestant and motivational speaker
Experts on the podcast will discuss ‘red flags’ and warning signs of financial abuse within a relationship, offering advice to those who have been affected by financial abuse and tips on how to spot someone who might be in an abusive relationship.