Quarter of Brits would turn to their partner if they were in debt or needing support

Being in debt can feel overwhelming and have the potential to lead to a downward spiral if not managed properly. Encouragingly, nearly a third of Brits say they would lean on loved ones if they found themselves in debt and in need of support.

Tesco Bank’s research finds: 

• 26% would turn to their partner if they found themselves in debt and needing support
  • 29% of women say they would turn to their partner, compared to 24% of me
• 23% would turn to their parents if they found themselves in debt and needing support
  • 24% of women would turn to their parents compared to 21% of men
  • 39% of 18-34 year olds would turn to their parents for support, compared to 31% of 35-54 year olds
• 18% would turn to their bank if they found themselves in debt and needing support
• 22% of men would turn to the bank if they needed support if in debt
  • 14% of women would turn to the bank if they needed support if in debt
• 22% of 18-34 year olds would turn to their bank for support
  • 17% of 35-54 year olds and 17% of 55+ year olds would do the same
• 12% would turn to their friends if they found themselves in debt and needing support
  • 23% of 18-34 year olds would turn to their friends for support, compared to 11% of 35-54 year olds and 4% of 55+ year olds
• 9% would turn to a charity if they found themselves in debt and needing support
  • 12% of 18-34 year olds would turn to a charity for support, compared to 10% of 35-54 year olds and 5% of 55+ year olds
• 8% would turn to another family member if they found themselves in debt and needing support
• Only 4% would turn to another financial provider such as a mortgage provider if they found themselves in debt and needing support
• 4% would turn to an employer if they found themselves in debt and needing support
  • 10% of 18-34 year olds would turn to their employer if they were in debt and needed support
• 29% would not turn to anyone if they found themselves in debt and needing support
  • 31% of men would not turn to anyone compared to 26% of women
• 32% actively talk to family about whether they are in any unsecured debt and 14% talk about this with friends

Mamta Shanbhag, Borrow Director at Tesco Bank commented: “The cost of living means more of us have some form of debt, and we’re therefore having to get more hands on with our finances to make them work their hardest. On the one hand, this can make debt a less thorny issue to discuss with loved ones as it forms a normal part of our day-to-day money management. For others though, discussing any debt you’re in may bring up unwanted feelings of shame or embarrassment.

“It’s promising that nearly three quarters of us feel confident to seek support should we find ourselves in debt. Being open and honest about the state of your finances can go some way to lifting any financial burden you feel on your shoulders. Managing it alone can be overwhelming, so having a support system in place, whether it’s a partner, family member, or friend, can provide a source of comfort. However, less than 20% of us would turn to our bank for support, but your financial provider may have solutions that you’re not aware of. Start by taking a look at your own provider’s website or give them a call directly to discuss your situation.”