21% of young people think hiding money problems is a barrier to a successful relationship
Hidden money troubles are the biggest barrier to building a long term relationship for a fifth of young people, according to new YouGov research commissioned by Lloyds Bank.
The survey, which asked 18-35 year-olds in the UK about the importance of money matters in relationships, found that hiding money problems from a partner is a bigger long term relationship blocker (21%) than a partner showing a lack of ambition (9%), a different sense of humour (8%), and different hobbies and interests (7%).
However, it’s clear that money difficulties are not a defining feature in how 18-35 year-olds initially choose other halves. Just 4% of young people found having debt the most off-putting trait in a potential romantic partner. What turns people off more is someone who does not earn their own money (17%), different personalities (16%) and a different sense of humor (15%).
Once past the early stages of a relationship, most young people feel that a prospective partner’s financial clout is important before deciding to commit to the long term. Nearly two thirds (61%) think it’s important to know how much debt a partner holds. 30% would want to know how much in savings their partner has and 38% want to know how much they get paid.
The most important factors before deciding to commit include general aspirations for the future (85%), whether one person wants children (83%) and a potential partner’s relationship with their family (66%).
Despite this, nearly three in ten (28%) would wait more than six months to bring up the topic of personal debt, and over a fifth (22%) would wait the same length of time before talking openly about their financial situation. In comparison, people are more eager to discover their partner’s opinion on pets with just 15% waiting six months or more to have the discussion.
Unsurprisingly, money is not the most popular first date discussion, with just 2% willing to bring up debt at this early stage. Travel plans (27%), career goals and aspirations (39%) and opinion on having a pet (23%) are much more likely to crop up on a first date.
SEE ALSO: Personal budgeting step by step