Martin Lewis, founder of MoneySavingExpert, has warned British couples about a hidden financial risk that could damage credit scores. In a recent TikTok video, he highlighted that many couples rely on one partner to manage finances, which can lead to problems if that person becomes incapacitated.
Lewis identified what he calls the 'three Ds'—death, divorce, and dementia—as scenarios where the other partner may suddenly face financial responsibilities they don't understand. This lack of knowledge can result in missed payments or mismanagement, harming credit scores.
To mitigate this risk, Lewis advises couples to create a financial fact sheet listing all bank accounts, bills, and providers, such as gas, electricity, and breakdown cover. This document should be stored securely where both partners can access it, but without sensitive information that could be misused.
He also recommends regular 'kitchen table' financial meetings every two to three months. These discussions allow the managing partner to explain decisions and ensure both are prepared to step in if needed.
A spokesperson for Assistance for Single Mothers commented: 'What Martin Lewis is highlighting is a gap in awareness rather than a lack of effort. Many couples naturally fall into roles, but financial knowledge should never sit with just one person.'
