Over 1 in 2 Hong Kong couples mistrust each other in money matters

They've no idea of each others' debts.

As wedding season approaches, couples in Hong Kong will soon express their love through a lifelong commitment of marriage.

According to a release from TransUnion, however, most of these happy couples will be taking this step with little or no idea of their partner’s debt situation.

Based on a survey by TransUnion, Hong Kong’s credit reference agency, over half (58%) of Hong Kongers surveyed said they had little to no knowledge of their partner’s finances and did not trust their significant other with details of their own finances.

Here’s more from TransUnion:

In an online survey of 500 adults conducted by Zogby Analytics and commissioned by TransUnion, only 32% of Hong Kong natives said they have enough trust in their significant other to discuss their credit situation.

This is despite the fact that three out of four (73%) Hong Kongers have developed a financial plan with an intimate partner.

19% of respondents believed that personal finances should only be discussed after they are wed.

However, 22% of respondents said they wanted to remain financially independent even after the big day.

Commenting on the results of the survey, commissioned to study financial planning among couples in the city, Angus Choi, Managing Director of TransUnion Hong Kong, said, “The survey shows that Hong Kongers might be insecure about sharing the details of their financial circumstances, especially their debt situations, with their significant other.

Couples should openly discuss their finances and debts in order to mitigate any financial risks post-marriage.”

“Understanding your partner’s credit history can help you avoid future surprises and plan better for a secure future. Work together to ensure that your bills are paid on time.

This will help you reduce interest payment and avoid over-stretching yourselves. Starting your new life together could be a lot smoother with a solid financial and debt management plan as well as a monthly budget in place,” Choi added.