Cash savvy: a third of British couples are steering clear of debt

Over a third of British couples are steering clear of any debt, while a wily quarter say they know exactly how much debt they are in. Those are the results emerging from research showing that Brits are a pretty money-savvy bunch.

Most Brit couples (53.45%) know exactly or roughly how much they owe, 8 in 10 claim to know exactly how much is in their bank account and over a third of couples are making the most of their savings tax breaks – using special accounts such as ISAs. Almost half of Brits also say they only buy things when they can afford them. The cash stats on couples emerged from a survey of 2,000 UK adults to establish couples attitudes towards their joint finances by short term loan firm Lending Stream.

We are also a nation in control of the finances: almost half of British couples claim they never turn a blind eye to the finances, although for a few itís a regular event, with 14% confessing that they do so ‘all the time’.

Commenting on the findings, Chris de Boer, President of Lending Stream, which commissioned the study, said: ìThis is a great snapshot into the attitudes of couples when it comes to managing their finances and savings. The level-headed, planned approach is really positive stance to saving and spending generally.î

The average British couple has around £8,000 in savings, but men come out as the best savers: 1 in 3 say they save £247 a month month and have squirelled away £9,700 – a third more than their partner. Women in relationships say they save £193 a month, with around £6,800 of savings.

But 1 in 20 of us also have a guilty secret – stashing their savings in a drawer at home.
 
Other key findings:

ï Men are more likely to confess they donít know how much debt they are in but will always keep track of their spending

ï The study also revealed that men are more likely to be secret ësplurgers,í going over their budget all the time and regularly eating into their savings.

ï The poll showed that 50 per cent of couples have a joint current account, and almost 40 per cent admitted to secretly accessing it to buy something ìfrivolous.î

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