Survey: 1 in 5 commits financial infidelity
1 in 5 hides checking, savings or credit card account from partner, study says
SAN ANTONIO – Does your husband or wife have a secret stash? There’s a reason to wonder, according to a new report from CreditCards.com.
Their survey found nearly one out of every five people is hiding a checking, savings or credit card account from the partner they share a home with.
"Could be a lack of trust," said Kent Copeland, a financial adviser with Ameriprise.
Not only can money secrets damage the family finances, but Copeland also said they don't bode well for the relationship, either.
"I think money and values are often more closely related than we really realize," Copeland said.
How bad is it?
More than half of those surveyed said financial cheating is at least as bad as physical cheating. Many said it's even worse.
Millennials are most likely to hide an account, according to the report. Chalk that up to newer relationships and technology, and it's just easier to hide the statements than it used to be.
It may not sound romantic, but Copeland suggests a big picture conversation at least once or twice a year to make sure couples are on the same page.
"I think it’s good for couples to have an understanding -- if I buy something more than x (amount), I want to check it out with you," Copeland said.
And, take heart. There is forgiveness. The survey found that while most "cheaters" would be upset, they would not end the relationship.
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