After the first flushes of romance and lust, love can be more about compatibility and trust – so it’s important to watch out for red flags, even if you’re initially smitten.
In fact, new research from credit reporting agency Experian reveals that over half of Brits (52%) admit to overlooking a financial red flag in a past or current relationship.
The most common red flags were found to be a partner’s unwillingness to discuss money (32%) and being made to feel guilty by a partner about spending money on oneself (21%).
John Webb, Consumer Expert at Experian UK&I says: “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.”
With age comes wisdom in this respect, as 71% of Gen Z admit to overlooking these potential issues to embark on a relationship, compared to only 49% of Generation X, and just 30% of Baby Boomers.
Financial misbehaviour in a partner is also a feminist issue as further findings from Surviving Economic Abuse show that young women are disproportionately affected with almost two fifths of 18–24-year-olds experiencing at least one form of economically abusive behaviour in the last year.
If you feel this is the case, then you are not alone. Data shows that those 18-24-year-olds who experienced economic abuse last year did not seek help due to feeling overwhelmed (43%) or being in denial (46%).
Dating expert Anna Williamson says “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.”
Experian and Anna are launching Season 2 of ‘The Cost of Loving’ podcast to help Brits identify and address signs of toxic financial habits in relationships. The podcast will feature guests such as women’s safety advocate and TV personality Sharon Gaffka, Love Island couple Jessie Wynter and Will Young, and financial expert Rotimi Merriman-Johnson (@mrmoneyjar). The Cost of Loving podcast will be available on Spotify, Apple and all major streaming platforms.
The importance of noticing red flags comes because we all believe ourselves to be good judges of character – but too often we ignore our potential misgivings about a potential partner.
Of the young Brits who were surveyed, a staggering 91% believed they were good judge of character when it comes to dating, yet 63% admitted they’re not entirely confident in their ability to identify a financial red flag in a partner.
The most overlooked red flag by this generation was never contributing to a date night (31%), which can seem harmless, but potentially lead to worse behaviours if left unchecked.
So this Valentine’s Day if you are out for a first or early date and are thinking of a brighter future – watch out for the red flags that could be an indicator as to whether you’ll end up happily ever after.
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