Nearly a third of couples have experienced financial infidelity in their relationship, according to a new survey from U.S. News & World Report.
About three in 10 respondents in the January 2022 survey say they’ve dealt with financial infidelity either as a victim or as the perpetrator.
Financial infidelity covers a wide range of behaviors, including having secret credit cards or even lying about income. The element they all have in common is that one partner hides or withholds information about a money-related decision. When the victim uncovers the truth, there’s often a feeling of betrayal. In a way, it’s similar to the fallout from romantic infidelity.
Types of Financial Infidelity
When asked what kind of financial infidelity happened in their relationship, survey respondents reported the following:
- Keeping purchases secret: 31.4%.
- Hiding debts or accounts: 28.7%.
- Lying about income: 22.6%.
- Draining money from savings: 10.4%.
- Lending money without consent: 6.9%.
As you can see, there are a variety of ways to keep money secrets. In the survey, 8.5% found out about the wayward deed via a confession. Usually, the victim finds out about the infidelity in other ways.
Signs of Financial Infidelity
When asked how they discovered their mates were engaging in financial deceit, respondents saw the following signs:
- 23.7% say they saw a large purchase.
- 20.9% noticed account balances were off.
- 19.9% discovered a statement or collection for an unfamiliar account.
- 18.7% say they found unexpected packages.
- 8.2% observed secrecy with electronic devices.
Reasons for Committing Financial Infidelity
Now, let’s turn the tables and look at the motives of the perpetrator. The survey asked those who engaged in financial infidelity why they felt the need to do so.
Here are the findings:
- To avoid an argument: 38%.
- Embarrassment about mishandling money: 23.1%.
- To feel more in control financially: 16.1%.
- To help someone else: 15.8%.
- To avoid sharing bad news: 7%.
Once the financial infidelity is discovered, it can result in a broken relationship if the couple doesn’t address the situation…ReadMore…
