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Women are the worriers when it comes to dealing with debt

23 August 2013

New research from Gocompare.com has found that women are more wary when it comes to debt.

The research, conducted with more than 1,200 British adults currently in a relationship, found that almost a third (30%) of the women surveyed would not go into a relationship with someone who owed a lot of money. Men, on the other hand, weren't as concerned, with just over one in five (21%) saying that someone's debts would put them off.

Women are also more likely to open their partners' statements than men, with just over one in every five (21%) admitting that they always open their partners' bank statements and credit card bills with a further 12% opening them often. However, 69% of men think that opening their partner's bills shows that you don't trust them.

Just under half of the women asked (49%) said they would be angry if they found out that their partner had been hiding debt from them, but only 40% of men were as concerned.

Nearly two out of five (38%) women believe that having hidden debt shows a complete breach of trust within a relationship - compared to 30% of men.

Just over a quarter of the ladies surveyed (26%) thought that if their partner was hiding debt from them, that they would also be hiding other things in their relationship, as opposed to 17% of men.

The survey also found that 6% of men admitted to hiding a credit card from their partner, compared to 5% of women.

Gocompare.com's credit card expert, Matt Sanders, said: "When it comes to debt it seems women are more likely to be concerned about how much their partner owes than men and they'll also go to greater lengths to find out about their partner's finances. However, recognising that debts are mounting is the first step to dealing with them.

"Being savvy about how you use credit cards can help you to work out a plan to repay your debts - and it's even possible to do so without paying any interest for months or even years.

"There are so many deals around at the moment with introductory interest free periods on balance transfers and purchases, some as long as 28 months. That's the equivalent of more than a two year interest free loan. Provided you stay within the terms and conditions of your agreement, the only cost will be the balance transfer fee which ranges from 1% to 4% depending on provider.

"It's important to consider your repayment plan, as if you don't clear the balance within the 0% period, there will be interest payable on the outstanding balance. Also, always pay at least the minimum repayment as providers will often remove any special 0% introductory offers if you fail to do this."


Notes to editors

On the 4th to 5th August 2013, Vision Critical conducted an online survey among 2,001 randomly selected British adults who are Springboard UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current age, gender and regional data to ensure samples representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding. Of this total sample, 1,278 respondents identified themselves as currently being in a relationship.