Why are they keeping money from their partner?
A new report has shed light on the state of “financial fidelity” in the US. It turns out that millions of couples are keeping financial secrets from each other. Do you suspect that your spouse has a secret bank account that they’re hiding from you? Well, your concerns are not unwarranted, but how does this form of secrecy affect relationships in the long run? The answer depends on who you ask.
Depending on you or your partner’s personal values, financial secrecy can cause devastation. This is especially true when debts are being kept secret. In fact, a recent poll conducted by creditcards.com revealed that 20% believe that financial infidelity is worse than an affair! However, only 2% stated that they would end a relationship over secret credit card debt or a secret stash. It is understandable that each partner to a relationship should still want a level of financial independence, but it’s the extent that matters. 81% reported that they would be upset to find out their partner has financial secrets.
While most people are fine with their partners having their own accounts, it’s secrecy that ultimately harms relationships. Many people hide their cash or their debt from their partners in fear that they will be judged or lose their independence. Despite this, it’s actually the secrecy that does the worst damage in the end. If your partner is among the 2% that would leave you over debt or secrecy, then keeping a few secrets makes sense. However, in the vast majority of cases it’s best to be more transparent, even if it causes a few problems in the short run. Long-term relationships that rely on secrecy seldom work out.