More than a third of couples are keeping financial secrets
Valentine's Day is just a couple of weeks away and a new survey from Bankrate finds many couples are being unfaithful when it comes to money.
"We found that 42% of people who are currently married or living with their romantic partner have kept a financial secret from that person," says Bankrate Senior Economic Analyst Ted Rossman.
Among the financial secrets:
- 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 seems to matter. Younger people are more likely to commit "financial infidelity":
- 67% Generation Z
- 57% Millennials
- 34% Generation X
- 33% Baby Boomers
"I think the fact that people are getting married later is leading people to get more entrenched in their habits, especially in two-income couples. I think you do need to manage money collectively, but you could each carve out a little bit of money from every paycheck that's yours and yours alone. As long as you've agreed on those parameters," Rossman says.
Bankrate also found that sometimes people hide money because they want to save it and are worried their spouse or partner will spend it.
Experts say couples need to be open about finances and sit down regular to talk about their money to make sure there are no surprises.