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Couples’ money secrets pose a risk to their financial futures

Couples are risking their financial futures by hiding savings, investments, debts and even income from one another, according to new research from Prudential.

The survey analysing attitudes to money and retirement planning among couples aged over 40 found that more than one in five (22%) people in a relationship put the couple’s comfortable retirement at risk by keeping debts, worth an average of £7,800, concealed from their other halves.

When asked how these hidden debts arose, just under half (48%) of respondents said that they had borrowed to cover every day living costs, while a third (34%) ran up debts through overspending due to an emotional event such as the break-up of a previous relationship. A further 16% had borrowed money to make payments to an ex-partner, for example for child support.

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More children born out with marriage

The American Census Bureau has recently published a report that reveals a sharp increase in the number of children born to unmarried mothers. The report shows that in 2011, around 36% of babies were born to single mothers.

Susan Stewart, a sociologist at Iowa State University, suggests that this spike may be linked to the impact of the recent economic downturn.

“The recession has screwed up everything in terms of marriage and family patterns,” Stewart said. “Birth rates were down, marriage rates were down and divorce rates were down because of the recession.”

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