Financial Infidelity Can Ruin Your Relationship – and It’s More Common Than You Think
Financial infidelity is a fancy phrase to hide money from your partner, and in fact, it is a fairly common problem. This can also be very problematic.
Money is already one of the main causes of stress in relationships . Add to that the lies about money and you have a recipe for disaster. MEL magazine provides some interesting statistics:
- A recent survey by CreditCards.com found that 12 million Americans have a bank or credit card account hidden by their partner.
- Nearly half of Americans (42%) say they have committed some form of financial infidelity, according to a recent Harris poll . 75% of respondents said it negatively affects relationships.
- A 2015 study by Fidelity found that 43% of respondents had no idea what their partner’s income was. Of this group, 10% could not even guess that it was within the $ 25,000 range.
These statistics highlight how important it is to talk openly about money with a partner or spouse. In fact, there are several important conversations when a relationship gets serious . Some topics for discussion:
- Credit history
- Debt situation
- Income and spending habits
- Long-term savings goals
Of course, this is usually easier said than done. If you and your partner have different financial views, this can be very difficult. However, I would say that the discussion is more important in this case than ever. One way to start a conversation is to discuss your “money scenarios”. Basically, they are just different behavioral approaches to money. Studying how your partner handles money won’t solve everything, but it’s a good start.