As a couple begin to fall in love and they enter into their honeymoon phase, it may be hard for them to notice any red flags coming from their partner through their rose-covered glasses. However, once this phase simmers down, being in a relationship becomes more about being compatible and trusting each other.
As you continue to build that trust, it is important to watch out for any warning signs that may appear, even if you don’t want to. New research from credit reporting agency Experian has revealed that 52 per cent of Brits have admitted to consciously ignoring a financial red flag in a past or current relationship.
The Express reports that the most common red flags were a partner’s unwillingness to talk about money (32 percent) and being made to feel guilty by a partner about spending money on themselves (21 percent).
John Webb, consumer expert at Experian UK&I, said: “Financial red flags are not always obvious, which is why it’s important to have honest conversations with your partner to make sure you’re on the same page.
“Being aware of the warning signs is key, and the earlier you can spot and tackle any troubling patterns, the earlier you can take action. We want to help couples create good financial habits, while still maintaining a healthy relationship and working towards shared financial goals.”
It turns out that age does come with wisdom as 71 per cent of Gen Z’s have admitted to overlooking potential issues they saw in order to start a relationship. In comparison, this dropped down to 49 per cent of those in Generation X, and only 30 per cent for Baby Boomers.
Financial red flags in a partner is also a feminist issue, as findings from Surviving Economic Abuse has revealed that young women are being disproportionately affected. This research shows that almost two fifths of 18 to 24-year-olds have experienced at least one form of economically abusive behaviour in the past year alone.
On top of this, a staggering amount of young people did not seek help or support while being a victim of this abuse. As many as 43 per cent of 18 to 24-year-olds said that they felt too overwhelmed to ask for help, and 46 per cent admitted to being in denial about the situation.
Dating expert Anna Williamson said: “Dating and maintaining relationships, especially in today’s world full of trials and tribulations can be really daunting. But nobody should have to experience financial, or any kind of abuse. That’s why it’s important to be aware of what this can entail.”
In order to help Brits identify and address signs of toxic financial habits in relationships, Experian and Anna are launching the second season of the The Cost of Loving podcast. The show will include guests such as financial expert Rotimi Merriman-Johnson, Love Island couple Will Young and Jessie Wynter, and women’s safety advocate Sharon Gaffka.
Many people seem to ignore red flags as they believe themselves to be a good judge of character and don’t want to see these signs in the person they choose to be their potential partner. A whopping 91 per cent of young Brits believe that they are a good judge of character when it comes to dating.
However, 63 per cent also admitted that they aren’t entirely confident in their own ability to identify a financial red flag in a partner. The most overlooked red flag by this generation was their partner not contributing to date night (31 percent). This can start out harmless, but there is a chance it could also become worse as time goes on.
So while you are enjoying Valentine’s Day with a new partner or someone who you have spent years with, don’t become complacent about keeping an eye on red flags, as they could become the villain in your journey to finding your happy ever after.
Top 10 money red flags Brits experience in relationship
- Unwillingness to discuss money
- Partner makes you feel guilty about spending money on yourself
- Partner refuses to talk about household bills or hides information
- Regularly reviews your financial statements and transactions
- Partner forces you to buy things they want or spend beyond your means
- Frequently late payments (purposefully)
- Partner makes large purchases with yours or shared money without asking
- Partner refuses to work or contribute to household expenses
- Partner only gives you money as an “allowance”
- Partner dictates or monitors your spending on banking apps