1 in 5 (19%) 18-35 year olds ending a relationship due to financial issues1
Nearly half (47%) of people admit they are unsure how to sever financial ties with a former partner2
1 in 3 couples are only staying together because they fear ‘not being able to afford to live alone’3
This comes as Episode 4 of Experian’s The Cost of Loving podcast with Anna Williamson launches today, tackling financial break-ups with special guests Curtis Pritchard and Oenone Forbat
Research from Experian has revealed that 1 in 5 (19%) 18-35 year olds are ending relationships due to financial issues, which is likely impacted by 66%1 of the nation currently experiencing financial anxiety amid the ongoing cost of living.
The cost of breaking up is also having wider consequences on people’s lives, as data reveals 1 in 3 couples are only staying together because they fear ‘not being able to afford to live alone’. For those that are parting ways, almost half (47%) are unaware how to breakup financially with their former partners, which could have long term implications on their finances.
The fourth episode of Experian’s The Cost of Loving podcast with Anna Williamson delves into how to financially break-up with an ex. The Celebs Go Dating therapist covers how to sever financial ties and the latest trend of ‘break-up budgets’ (also known as ‘Get the F Out Funds’). Whilst also discussing the dilemma many couples face of staying together to avoid the hefty costs (‘single tax’) or going it alone anyway.
Experian reveals that financial break-ups cover everything from sorting out joint mortgages or tenancies, closing shared bank accounts, dividing savings and possessions, and removing a former partner from your credit report.
TV personality and professional dancer, Curtis Pritchard, and author and podcaster, Oenone Forbat, join the relationship expert to share their personal anecdotes and what they’ve learned from financial breakups in their own lives. From Curtis’ strict £17 a day budget, to heated pre-nup debates and the effects of single tax on Oenone, the episode explores financial dilemmas affecting those in long-term relationships, including both young people on the brink of a break-up and established couples contemplating divorce.
James Jones, Head of Consumer Affairs at Experian added: “While The Cost of Loving podcast has explored the financial aspects of dating and long-term relationships, it's vital to consider the financial implications of a break-up.
Whether it was to pay the bills or purchase household items using joint credit, there’s a chance you could be financially linked to your former partner, and if they haven’t been managing their finances responsibly then the financial association could end up negatively impact your eligibility for credit. So, when breaking up it’s important to also prioritise financially disassociating yourself from them and properly cutting any monetary ties.”
For those who are considering parting ways, or are recently separated, Experian shares five key considerations for protecting your post-break-up finances:
1. Decide how to handle your rental property and bills
Take care of your tenancy agreement and utility accounts asap - if you and your former partner were named on the agreement as tenants, you’re both liable for rent until your agreement ends. Therefore, discuss your intentions together before alerting the landlord and bringing your arrangement to an end, as well as settling final utility bills and closing accounts.
2. Close down your shared accounts and split your savings
More than half (52%) of people said they shared a savings account with their ex-partner, so ahead of closing the account any leftover money should be divided fairly between the two of you.
3. Discuss any upcoming holidays
Experian’s research shows that on average, those who cancel or reschedule planned holidays lose more than £776 - do check your travel insurance policy as you might be covered for cancellations, although they may request proof to make a claim.
4. Review and correct your credit report
If you had a joint account or took out a form of credit with your ex-partner, your credit reports will be connected, and your ex will appear as a financial link on it. Avoid having their future financial decisions affect your credit application by asking all three credit reference agencies, including Experian, for a financial disassociation. This information isn’t shared so it’s important to update all three main credit reports. For them to do this, remember you need to have paid off and closed any joint accounts/credit agreements, or transfer them into one name.
5. Update your passwords
Make sure you update all passwords across subscription and online shopping sites. If your card is still registered on those websites, your ex could continue to buy items using your card details. Similarly, if there are any in your ex-partner’s name which has your card details registered, log on to them and delete your registered payment information.
With 1 in 5 (19%) Brits breaking up citing financial issues, you can gain further financial relationship advice via Experian’s Cost of Loving podcast on Spotify, Apple and all major streaming platforms with episodes 1-4 available now.
For more information and support on how to improve financial health, head to https://www.experian.co.uk/ or www.moneyhelper.org.uk
ENDS
Notes to Editors:
1 Based on a survey of 2000 18-35 year olds conducted by 3Gem January 2024
2 Based on an Opinium survey of 1000 UK adults, between 6th-10th February 2023
3 https://www.independent.co.uk/money/bird-montgomery-people-coach-fidelity-international-b2255959.html
Full data set:
The average debt from dating and relationships amongst 18-35 year olds is £2246.50
5% of young men have gotten themselves into over £10,000 of debt from dating/relationships
59% of young people say social media influencer has contributed to expectations to overspend on their partner
63% believe social media has influenced people to date for money and materialistic reasons over love
36% of men have browsed a potential date’s social media profile to check if they could afford their lifestyle vs 28% of women
Of 10.1 million 18-30 year olds, 16.6% are currently in arrears or default meaning they have overdue debt or have failed to repay loans
Of the demographic in question, younger men use the greatest proportion of their available credit - with the average credit usage for 18-21 year old men coming in at 33.4% vs. 25.7% for 26-30 year old males3
27% have lied about their financial situation to a partner and 19% wouldn’t trust their partner enough with finances to open a joint account together
43% have been in financial debt
Biggest ways people have got into debt from dating:
Spent all of their savings (39%)
Gone into their overdraft (35%)
Taken out a credit card (26%)
Maxed out their credit card (23%)
Taken out a legal loan (20%)
Used a loan shark (10%)
29% of people say their partner has made a big financial purchase without telling them
51% say in a relationship they’re cautious of their partner’s spending habits
19% have been in a relationship that ended due to financial troubles
1 in 2 (51%) said they were cautious of their partner’s spending habits.
66% of people experience financial anxiety (73% women and 59% men)
38% feel under pressure to treat their partner to lavish gifts or experiences based on expectations set by social media (41% men, 35% women)
37% say their partner’s financial anxiety has affected their relationship in a negative way
About the podcast
The Cost of Loving is a 5 part podcast series hosted by Celebs Go Dating therapist Anna Williamson in partnership with Experian, which delves into the intersection between dating and finances.
● Episode 1: Gender Expectations
○ Special guests: Tayo & Antoinette Oguntonade, Financial Influencers
○ Launch date: Available now
This episode explores gender stereotypes and expectations within the world of dating, from splitting the bill to gifting as a love language.
● Episode 2: Wage Gap Relationships
○ Special guest: Devamsha Gunput (@devamshagunput), aka ‘the financial hot girl’, and authors and lifestyle influencers @twodadsinlondon
○ Launch date: Available now
This episode addresses wage disparity in relationships, including the subsequent power dynamics and how to navigate open and honest conversations about finances with your partner.
● Episode 3: Dating, Debt, Financial Anxiety & Financial Infidelity
○ Special guest: Megan Micklewright / The Savvy Spender - financial educator & content creator
○ Launch date: Available now
This episode explores dishonesty surrounding finances within a relationship - or ‘financial infidelity’, and how and when to have transparent, honest conversations about your financial situation with a romantic partner.
● Episode 4 - Financial Break-ups
○ Launch date: Available now
○ Special guest: Oenone Forbat, author, podcaster and inflluencer, and Curtis Pritchard, TV personality & professional dancer
This podcast episode explores the financial problems and dilemmas associated with break-ups as well as the cost implications of breaking up and having to resplit finances.
● Episode 5: Financial Red Flags
○ Launch date: 12th March
○ Special guest: Malin Andersson, motivational speaker and Dr Nicola Sharp-Jeffs, CEO of Surviving Economic Abuse
Experts on the podcast will discuss ‘red flags’ and warning signs of financial abuse within a relationship, offering advice to those who have been affected by financial abuse and tips on how to spot someone who might be in an abusive relationship.
About Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
About Anna Williamson
Anna Williamson is a TV, radio and podcast broadcaster, no. 1 best-selling author and relationships therapist and counsellor. Anna uses this diverse skillset as the dating expert and presenter on Celebs Go Dating (E4), One Night Stand (E4), and Save Well, Spend Better (C4), as well as having tackled several hard-hitting films for BBC1 show Inside Out, and was the mental health expert for many years on For Your Info on Sky Kids.