Why you should speak to your partner about money

Talking to your partner about money can sometimes feel awkward and embarrassing, especially if you’re struggling. But being open with each other can make a big difference to your relationship.

Instead of carrying money worries alone, you can face any challenges together, and if you set financial goals as a couple, you’ll both feel more in control of your lives.

Money worries have an impact on relationships

We’ve seen firsthand the toll that financial problems can take on couples.

In 2024, 23% of Money Wellness customers said money worries were affecting their relationships. 

And by 2026, that figure had risen to 35%.

So we were alarmed to see new stats from Creditspring showing that many people are keeping aspects of their finances to themselves.

For example, figures showed:

• about one in five people have hidden savings, used credit without telling their partner, or avoided talking about money completely.
• over one in four have spent more than they could afford while in a relationship
• almost one in four have lied about or kept some purchases a secret

But there was one figure that really stood out to us - almost four in ten (39%) said they'd feel embarrassed to admit they were struggling financially.

Honesty builds trust

It’s natural to worry about what your partner will think of you if you tell them you’re having financial problems.

But imagine if the shoe was on the other foot.

Wouldn’t you want your partner to come to you if there was something wrong, rather than bottle it up and keep it to themselves?

Of course you would, and you’d focus on solving the problem together rather than standing in judgement over them.

The Creditspring survey proves this point, as six in ten people said they’d be more concerned if their partner hid debt rather than if they simply had debt. 

That, to us, says it all.

Most people don’t demand impeccable finances from their other half.

But they do expect honesty.

That’s the key to building trust and it’s the first step towards getting the help you need.

Matthew’s story

When entrepreneur Matthew Mace found himself facing £93,000 of debt, the hardest part wasn't dealing with his creditors or cutting back his spending.

It was telling his partner.

“She is great with money, so I felt ashamed” he said.

"I'm supposed to be good with money and you're always wondering if people are just going to say, 'Well, I told you so.'"

But when circumstances finally forced him to come clean, his partner was supportive and encouraged him to face the problem head-on.

“It’s never as bad as you think,” he said.

"There was a glimmer of hope that, okay, we're going to sort this out together."

"There’s a lot more that can be achieved with someone else on your side."

Read more about Matthew’s story here.