Spring is on the way. March 20th is the first day of Spring.
The days are getting longer, the birds and the bees are doing their thing, and people everywhere are thinking about future travel and finances. Something about the Spring causes us to look to the future, which can sometimes mean assessing any less-than-ideal financial behaviors.
A poll from the National Endowment for Financial Education (NEFE) analyzing financial infidelity among U.S. adults found that among those who report having combined finances in a relationship, 43% confess to committing some act of financial deception, with 85% of those individuals stating the indiscretion affected the current/past relationship in some way.
When you commingle finances in a relationship, you’re consenting to and relying on cooperation and transparency in your money management. Regardless of the severity of the act, financial infidelity can cause a tremendous strain on couples—it leads to arguments, a breakdown of trust, and in some cases, separation or even divorce.
Financial infidelity is an act of deception by one partner in a relationship where finances are combined. Examples of infidelity include hiding purchases, money or accounts, lying about the amount of income earned, debt owed and more.
When asked for reasons why they had committed a financial deception, U.S. adults who reported ever combining finances with a spouse or partner and committing financial deception most often said that they believe some aspects of their finances should remain private (38%). Shocking huh?
This was followed by fearing disapproval by a partner/spouse in a relationship where discussions of finances had already occurred (34%), being embarrassed or fearful about their finances (33%) and fearing disapproval by a partner/spouse in a relationship where discussions about finances had not yet occurred (27%).
Sure, discussing money with one's partner can be awkward, but imagine those discussions after you or your partner make that larger-than-usual purchase? It doesn't exactly put a spring in your step, does it?
We can help. Whether it's discussing a future (or past) purchase with your partner or loved one or helping you pursue your financial goals, don't hesitate to reach out. We're always here to help you navigate the complexities of personal finance.
To schedule a free, 30 minute consultation, click on the link below:
Here's to a bright financial future!
Financial Infidelity in Your Relationship
March 14, 2023