More than 27 million UK adults are currently in debt, and considering that 70% of people say they have never admitted their financial struggles to anyone, this makes for a lot of people worrying - and suffering - in silence.
At Women's Health, we believe that there's a direct correlation between money problems and poor mental health, with the burden of never ending bills and the ongoing cost of living crisis causing uncertainty, misery and stress, as well as reducing the amount of money available to spend on health and wellness.
But, despite so many of us feeling the squeeze and losing sleep over our daily lives and futures, it's still not become any easier to have those difficult conversations about what's going on in our bank accounts, even with our nearest and dearest.
So, it's no surprise that opening up about your financial situation to a new partner is incredibly daunting, particularly if you are living under a shadow of debt.
However, it doesn't have to be this way. Financial expert Georgia Galloway, from Finbri, has shared the following tips for how to navigate awkward money conversations with a new partner.
Do I really have to tell them?
'Not only can the stress of keeping the secret affect you and your relationship, but it can also make it more difficult for you to manage the situation and can lead to more problems later down the line. If your new partner has no idea about your financial issues, they will continue to make plans that you can’t afford, which can lead to adding to your debt but putting things on a credit card, just so you can pretend the debt doesn’t exist - the vicious cycle will continue, until you have the conversation.
'Be as honest as you can and tell them everything'
'It's a good idea tell them when you know things are getting serious enough that you want to tell them, but before you get to the stage where it will start to negatively affect them too, like when you’re thinking of buying property together or starting a family, and your finances are no longer just yours.'
Be prepared
'Prepare what you’re going to say so you can get it all out and tell them everything you need to. Think about what they’ll want to know, so you’ll be able to answer their questions as best you can; for example, how you got into debt in the first place, how long it’s been going on, how much is left to pay, or whether there is legal action being taken against you.'
Timing is key
'Timing is important. Choose a time when you have a whole day ahead of you, rather than when you have plans later in the day and will have to cut the conversation short. Let them know that you want to talk about something serious and you just want them to listen, so they can be prepared, and choose somewhere to talk where you won’t be disturbed or distracted.'
Rip off the plaster
'Prolonging the inevitable will only make it worse. Rip off the plaster and get the conversation over and done with, so you can continue without it being constantly in the back of your mind. Be as honest as you can, and tell them everything, rather than keeping things back that will come out in the future and potentially cause issues. Be honest about your emotions but be aware of their emotions too, and give them space if they need it.
'Tell them about your progress; if you have a repayment plan in place, tell them how it’s going and how much you’ve paid off so far, to let them know that the issues won’t be around forever. If you haven’t got that far, however, try speaking to a debt charity who will be able to help, and let you partner know what you’re planning to do, to deal with the situation.'
Tell them how they could help you
'Not by giving you money and paying off your debt, but by supporting you emotionally and keeping this communication open, without judgement. Now they’re aware of what’s going on, they be able to take your finances into account when making plans, and help you stick to your budget.'
