NEW YORK (KMOX) - One in three adults in the United States say they've been unfaithful to their partner in matters involving money. Whether it's having secret debt, secret bank accounts, or just spending more than your spouse or partner would approve of, 32 percent of adults surveyed says they're guilty.
CreditCards.com discovered the percentage is much higher in younger age groups. For example 48% of Millenials say they've committed financial infidelity compared to 28% of Gen Xers.
KMOX News asked CreditCards.com Senior Industry Analyst Ted Rossman, why do people do it?
"The most common explanation I think is kind of lame," says Rossman, "oh it never came up. That's kind of silly." Beyond that Rossman says privacy and a desire to control their own finances were other reason for hiding financial accounts. "A fair amount of people -- 25% -- say they're embarrassed about the way they handle money. 14% don't trust their partner with money."
Rossman says many more young adults admit to financial infidelity than people in their 40's and 50's.
Of the adults surveyed, more than half say financial cheating is just as bad or worse than physical cheating.
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