A survey finds one-third of people in a relationship admit they've committed some form of "financial infidelity," or cheating, against their partner.
What is financial infidelity? It includes, for example, someone spending more than their partner would be comfortable with. Fifteen percent of respondents admitted to this form, according to CreditCards.com
Other examples include holding secret debt (9% of respondents) and keeping a secret credit card, checking account or savings account (9%, 8% and 8%, respectively).
“I really think the cure here is communication. We just need to be a lot more open about discussing money matters,” analyst Ted Rossman told the WBBM Noon Business Hour.
Young adults are more likely to be committing financial infidelity, according to the survey. Sixty-one percent of Gen Zers and 48% of Millennials kept financial secrets from their partners or significant others, compared with 28% of Gen Xers and 19% of Baby Boomers.
“These young adults are more likely to be in two-income households and also more likely to have divorced parents,” Rossman said. “So, maybe they remember what happened when mom and dad split up. They keep a secret pot of money on the side, in case their own relationship fails.”