Things you should know about your partner’s finances

Nearly two young adults in three want their partner to reveal how much debt they have before they commit to a long-term relationship.

Figures from Lloyds Bank show 61% of 18-to-35-year-olds feel that, once past the early stages of a relationship, it's important to know how much debt a partner holds, with nearly two fifths (38%) also saying they would want to know how much their partner earns.

Emma-Lou Montgomery, associate director for Fidelity, said: “Time and again it’s drummed into us that money makes the world go round, but behind closed doors in our private lives it’s all too clear the topic of money is still a major taboo for most couples.

"Even flirting with the subject of finances can quickly result in partners feeling embarrassed or hesitant about having an honest conversation – we have to get better at changing that mindset."

But not talking about it could be a huge mistake.

“Failing to talk openly and prepare financially can lead to significant consequences. Whether you want to buy property one day, have a family or travel the world in retirement, these are all life goals that need to be planned for and ultimately saved for in advance," Montgomery said.

Along with debt and earnings, Lloyds found three people in 10 would expect to reveal what they have put away in savings.

But despite wanting to know how money a partner owes, just 4% said they would be put off by a prospective partner being in the red - with keeping debts hidden seen as a bigger deal breaker.

A fifth (21%) of young adults felt that a partner keeping money problems a secret could put a stop to a long-term relationship.

Lloyds Bank brands director Catherine Kehoe said: “We want to inspire confidence in couples across to talk openly and honestly about money.

"Our research shows that hiding financial problems is the biggest blocker to a successful relationship for over a fifth of young people.

"Having the conversation early is key, but we understand people find it difficult to broach the subject."

Here are tips for talking about money:

1. Pick an appropriate time and a place for the conversation

2. Understand the current state of affairs

3. Understand what's important to each other

4. Work out what to share and what to keep separate

5. Create shared financial goals

6. Build a healthy habit by having regular conversations about money