Experian is urging people to not overlook financial red flags and spot the warning signs before it’s too late. Financial red flags in a relationship are warning signs like refusing to discuss finances, irresponsible and controlling financial behaviour or patterns that indicate a lack of financial compatibility and trust within a relationship.
New research from the money platform reveals that over half of Brits 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 and being made to feel guilty by a partner about spending money on oneself.
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. The most overlooked red flag by this generation was never contributing to a date night, which can seem harmless, but potentially lead to worse behaviours if left unchecked.
Experian is launching the second series of their podcast ‘The Cost of Loving’, hosted by Anna Williamson. 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). They will discuss financial red flags, how to spot them, and the broader impact of financial compatibility on relationships. Anna will also share the green flags people should be looking for in partners when it comes to finances.
The podcast aims to help make those difficult conversations a little easier, as over half of Brits admit to having found it difficult to discuss finances with their partner.
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.”
Sam Smethers, Interim CEO of Surviving Economic Abuse, said: “It’s great to see Experian raising awareness of economic abuse by highlighting the financial red flags to look out for in a partner. Economic abuse is a devastating yet often overlooked form of domestic abuse when a current or ex-partner controls your money and can be difficult to spot the signs. What might at first seem caring or protective can very quickly become controlling and coercive.
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. With the help of Experian and SEA we want to help make people aware of the signs to look out for and put an end to toxic behaviour. Being financially in-sync is just as important as every other part of a relationship: just one piece of the puzzle to a happy and just as importantly, healthy relationship.”
The Cost of Loving podcast will be available on Spotify, Apple and all major streaming platforms.
If you are worried you might be experiencing economic abuse or a family member or friend might be, visit the Surviving Economic Abuse website for further information on accessing support: https://survivingeconomicabuse.org/i-need-help/