New data finds 42% of couples keep financial secrets from partner: "Just as dangerous as physical infidelity"
Valentine's Day is only a few days away, and new data shows couples are being unfaithful when it comes to money. Now a Colorado financial expert is weighing in.
It's called "financial infidelity," and 42% of people admit to it. "Keeping secrets from our loved ones, whether we're in a marriage or a partner that we live with," elaborated Roger Reynolds, CEO of Reynolds Financial Group.
A new survey from Bankrate finds:
- 30% admit spending more than their spouse or partner would approve of;
- 23% are holding secret debt;
- 19% have a secret savings account;
- 18% have a secret credit card.
Age also plays a role. Younger people are more likely to commit financial infidelity:
- 67% Generation Z;
- 57% Millennials;
- 34% Generation X;
- 33% Baby Boomers.
The main reasons cited for keeping financial secrets are a need for financial privacy or a desire to control their own finances (37%), followed by a lack of desire to share or it has never come up (33%), and embarrassment about money management habits (28%).
Reynolds says you and your significant other can set aside specific amounts of money to spend freely, as long as you're on the same page, no matter how you choose to share or divvy up your funds.
"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," said Reynolds.
Read the full Bankrate survey here.