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Do You Know A Financial Two-timer?

In an online poll conducted by YouGov, CreditCards.com1 asked people how open and honest they are with their spouses and partners about money. The survey discovered financial infidelity is not uncommon. Respondents cheat financially in a variety of ways, including:

Ways Spouses Aren't Open About Finances:

34 percent have spent more than their spouse/partner would approve

12 percent have secret debt

10 percent have secret credit card accounts

9 percent have secret savings accounts

8 percent have secret checking accounts           

Respondents had a variety of reasons for secretive financial dealings:

36 percent said privacy and control were important 

27 percent said they never felt the need to share

26 percent were embarrassed by the way they handle money (frequently cited by wealthiest respondents.)

Janice Wood of PsychCentral wrote, “Financial infidelity can take as big a toll on relationships as sexual infidelity and emotional dishonesty…A few things that couples can do to prevent financial infidelity is to talk more, get on the same page regarding both joint and individual goals they might have, and also budget for some occasional indulgences along the way of achieving their long-term financial goals…”2

If you’re looking for a great Valentine’s Day gift, talking with your spouse or partner about money is a choice that could deliver long-term rewards. 

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Sources:

https://www.creditcards.com/credit-card-news/financial-infidelity-cheating-poll.php

https://psychcentral.com/news/2019/12/31/financial-infidelity-can-take-a-toll-on-relationships/152583.html