Buying a home is one of the biggest financial commitments many people will make. But new research suggests that the pressure of getting onto the property ladder may be encouraging some buyers to hide spending, savings and debts from partners or family members.
According to research by online mortgage broker Mojo Mortgages, 26% of prospective and recent first-time buyers admit to downplaying or concealing their spending habits during the mortgage application process. Examples include hiding shopping bags, deleting betting apps and temporarily pausing discretionary spending to present a more favourable financial picture.
The research also suggests that financial secrecy can extend well beyond short-term changes in spending.
The money secrets homebuyers are keeping
A quarter of respondents said they maintain a secret savings account that their partner or family knows nothing about. While this may sometimes reflect a desire for financial independence or a personal safety net, other forms of secrecy may create significant risks.
The research found that:
- 18% have hidden debts, such as credit cards or personal loans.
- 13% have lied about their actual salary or bonus structure.
- 68% of 25–34-year-olds admit to keeping some form of financial secret.
- Men were slightly more likely than women to report financial secrecy, at 64% compared with 59%.
Younger buyers were particularly likely to admit to downplaying discretionary spending, with 30% of those aged 25–34 saying they had done so during the buying process.
John Fraser-Tucker, Head of Mortgages at Mojo Mortgages, says that while buyers may want to present the strongest possible financial profile, honesty is important when entering into a major financial commitment.
“Keeping significant financial secrets, such as undisclosed debt or secret accounts, from a buying partner can build a shaky foundation for long-term financial health,” he says.
When financial secrecy becomes financial control
There is an important distinction between financial privacy and financial abuse.
Maintaining an independent savings account can be a sensible way to protect personal financial security, particularly where someone is concerned about a partner’s financial instability or reckless spending. However, secrecy can also be a sign of deeper financial pressures within a relationship.
Financial abuse and coercive control can involve restricting access to money, controlling someone’s income, forcing them to take on debt or preventing them from making independent financial decisions. In these situations, having access to money that a partner cannot control may be an important source of safety and choice.
The pressure of buying a home can intensify these dynamics. Rising mortgage costs, rent, household bills and everyday expenses leave less room for unexpected financial shocks. Where one person controls the household finances, this can increase dependence and make it harder for the other person to leave an unsafe relationship.
Why this matters to employers
Financial wellbeing is often discussed in terms of budgeting, saving and preparing for the future. But financial security is also closely linked to autonomy, relationships and personal safety.
Money worries can affect concentration, sleep, mental health and an employee’s ability to manage day-to-day responsibilities. For someone experiencing financial abuse, there may be additional barriers, including restricted access to wages, debt in their name, concerns about confidentiality or fear of repercussions if their financial situation is disclosed.
Employers can support employees by:
- Providing access to confidential financial guidance and debt advice.
- Signposting specialist domestic abuse services.
- Training managers to recognise potential signs of financial control or financial distress.
- Reviewing pay, benefits and emergency support through a financial wellbeing lens.
- Creating a culture where employees can ask for help without judgement.
As Fraser-Tucker points out, transparency with mortgage brokers and buying partners is important – but so is retaining an independent emergency fund where it is needed for personal safety.
The wider message for employers is that financial wellbeing is not simply about helping people make better financial choices. It is also about supporting security, independence and the ability to make choices about their lives.
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