Brits hide debt from partners

More than a fifth (21 per cent) of UK residents currently in debt are lying to their partner about the amount of cash they owe. A new report from the Post Office has revealed nearly a third (31 per cent) of people also admit to hiding the extent of their debt from other family members.

The average person in the UK has £9731.51 worth of debt.  However, on average, people will only admit to half of what they owe (£4,603.17) when talking to a partner or family member.

The report also revealed the serious emotional and physical consequences of covering up that debt, ranging from sleepless nights and anxiety, to turning to alcohol and problems at work.

Donna Dawson, psychologist specialising in personality, behaviour and relationships, said: "Hiding the extent of debt from a partner or family member may give us a false illusion of control or independence, but the reality is that our mental and physical health suffers - and once uncovered, the health of our loved ones suffers as well. And the irony is that the very things we are trying to protect - our trustworthiness and our good self-image - is lost anyway, when all becomes revealed.

"Far better to operate as openly and honestly as possible from the start, and to take loved ones into your confidence at a much earlier stage - that way, debtors can get the help, support and advice that they really need."

According to the research, a massive 78 per cent of people who have an amount of hidden debt have never confessed to the true extent of their financial fibbery.  Of the 22 per cent who did confess the true extent of their dishonesty, the majority (60 per cent) were caught out rather than choosing to come clean.

Of those who were found out, a quarter of people (25 per cent) reported that they still tried to deny everything, despite one in four (26 per cent) stating that hiding the debt only made their money problems worse.

Doug Strachan, Director of Financial Services at the Post Office, said: "The recession has put a massive strain on many families and people may be, for the first time, experiencing levels of debt that they cannot control. The most important thing to remember is that if you do need to borrow money make sure you are responsible about it and set out a clear re-payment plan. Managing the debt effectively can mean there is no need to experience the terrible emotional and physical symptoms hiding debt can result in."