If you’re guilty of hiding Amazon packages from your partner or being sneaky about those trips to Target, you’re not alone. Going behind your S/O’s back and spending money they wouldn’t approve of is something known as “financial infidelity” and more than 30% of Americans say they’ve done it.
This also includes withholding secret accounts, cards, and debt from your partner. Ted Rossman, a senior industry analyst for CreditCard.com suggests there’s an underlying issue at play: a lack of trust and communication. “It can really undermine trust if you’re keeping secrets,” he says.
Couples agree that financial infidelity is a pretty bad thing too. More than half of the adults surveyed said that it’s just as bad, if not worse than physical cheating. Here are the top reasons why adults are dishonest about their finances with their partners.
- A third never felt the need to share their finances
- 30% have a desire to control their own finances or maintain privacy around money
- 25% are embarrassed about the way they handle money
The survey also found that it’s actually pretty normal for most adults in committed relationships to keep some of their finances separate – married or not.
- More than half of couples keep at least some separate financial accounts
- 34% have both joint and separate accounts
- 23% keep everything completely separated