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Product category: Consumer issues
News Release from: CreditExpert | Subject: Consumer issues
Edited by the Insidemoneytalk Editorial Team on 14 February 2008

British Valentines say no to gifts

Being careful with money more important to UK adults

Three-quarters (76 per cent) of UK adults in a relationship would prefer to receive no Valentine's gift and instead know that their partner is being careful with their finances, according to new research published today by CreditExpert.co.uk Play your credit cards right

Careful money management is an important factor when choosing a potential partner and CreditExpert's 'Love or Money' study also reveals that we read subtle signs to establish how a potential partner looks after their finances rather than directly asking about financial matters: Over half (55 per cent) of adults, if on a first date, would see a wallet full of credit cards as a sign of bad money management.

Just 1 per cent of adults would ask how much someone earns on a first date Only a handful of adults surveyed would question someone how much they have tucked away in savings on their first date.

It's not just first-daters - those in relationships also avoid financial questions, despite 84 per cent being aware that when you apply for joint credit, you and a partner become financially linked.

Nearly one-third (30 per cent) have never seen their partner's bank statement while 81 per cent have never asked a partner about their credit history.This research, which was conducted as part of CreditExpert.co.uk's 'Love or Money' study, looks at the way we control our finances and how this impacts on our personal lives.

The study also revealed that nearly half (48 per cent) of Brits would wait to be told a date's salary.

Nearly a third (30 per cent) would wait to be told if a partner owned their own property and half (50%) would wait to be told about their savings.Your money or your wife.

Despite this, one in five (21%) of UK adults in a relationship has admitted that they would leave their partner if their inability to manage their finances affected their life, highlighting the importance of keeping track of our finances if we want to succeed in our love lives too.

Your partner's credit history is crucial when buying a home together or applying for a joint loan or credit agreement, as one person's poor credit status could result in a joint application being refused by a lender.

If couples have different attitudes to managing their finances, this could put a stress on their relationship if they are financially linked to each other.

For example, if someone often pays their credit card bills late, they could damage their partner's ability to get credit as well as their own.

Jim Hodgkins, Managing Director for CreditExpert.co.uk, said: "In the run up to Valentine's Day, we are all encouraged to spend money.

It's refreshing to see in our research that the majority of the British public would actually prefer their partner to be careful with their finances than spend money on an extravagant present.

"Good financial management can help couples keep their debts and credit agreements under control.

Regular credit report monitoring enables you to keep tabs on your own credit status and be aware of where you are financially linked to a partner via a joint credit agreement."An online credit report monitoring service such as CreditExpert.co.uk can help you take control of your money by providing you with your credit history and alerting you to any changes in your credit report.

You can get a free 30 day free trial at www.creditexpert.co.uk.

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