Disclosure of Debt – Which Sex is More Truthful?

by Michelle McDermott on December 5, 2014

Michelle McDermott

The answer to this rather vexing question will probably not surprise the male species and, in fact, it didn’t surprise me either! The answer, according to a research conducted by Internet website, RateCity, is that women are more likely to be less than truthful about their level of personal debt than men.

In what I would suggest is quite a case of ‘what’s good for the goose definitely isn’t what’s good for the gander”, it appears that the research revealed that whilst 49 percent of the women surveyed would end the relationship if they found out that their partner had debt not previously disclosed, more than half were far than forthcoming about their own financial positions.

One outcome from the survey that I did not see coming was that men actually spend more on impulse buying than do women – talk about a curveball! Guys, no wonder us women have to constantly monitor your spending – now we have the statistics to back up our worry.

Males were also more honest when it came to disclosing their savings (56 percent versus 52 percent women) and sharing how much they earn (62 percent versus 59 percent women).

However, the old adage of its better to be truthful may, in fact, be harming the guys as the research resulted in 49 percent of women saying that they wouldn’t date someone with over $50,000 in debt – compared to only 30 percent of men agreeing it was a deal breaker.

As I’ve stated in previous blogs, in my experience there are generally two basic reasons why relationships break down – sex and/or money. Debt problems can certainly be a strain on a relationship. Just like a car that needs fixing, if you find that your relationship may need fixing, get an expert’s help. Counselling and/or mediation can be very helpful in such a situation. If it appears that the relationship can’t be ‘fixed’, then talk to one of family law team members who will be able to assist in navigating what for most people is an uncertain road ahead.

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