A recent survey has found that while love may be in our hearts on Valentine's Day, it isn’t always in our wallets, as 42% of couples keep financial secrets from each other.
The survey comes from Bankrate and looks at how couples interact with each other when it comes to their finances. The secret-keeping behavior that almost half of all couples agreed to be called “financial infidelity.”
“Keeping secrets from our loved ones, whether we’re in a marriage or a partner that we live with,” Roger Reynolds, CEO of Reynolds Financial Group, shared with CBS News.
The survey went on to find that 30% of those in relationships admitted to spending more than their partner would approve of, 23% have secret debt, 19% have a secret savings account, and 18% have a secret credit card.
When it comes to why people are keeping financial secrets, 37% reported doing it for privacy or wanting to control their own finances.
Other top reasons included a lack of desire to share or it never coming up (33%) and embarrassment about money or spending habits (28%).
Still, some generations are worse than others, with Gen Z being the most likely to hide financial secrets from a partner (67%), followed by Millenials (57%), Gen X (34%), and Baby Boomers (33%).
Reynolds says that honesty, clear communication, and separating money to spend freely are important, but being on the same page is the most vital part of having a healthy financial relationship.
“Everyone agrees, and it makes things a lot easier. If you have a relationship where you believe individual accounts work, that’s okay as long as you’re transparent. Transparency is always best. Unfortunately, financial infidelity is sometimes as dangerous as physical infidelity,” Reynolds said.