Honesty and transparency with one’s significant other is considered a mark of a happy and healthy relationship among couples, married or otherwise. But as regards one important topic, such openness is not always the rule: personal debt.
According to new research, one in six individuals in a relationship is hiding a financial secret from their partner. Of Americans who would reconsider their relationship due to secret debt, 70 percent would do so if their partner confessed to $5,000 or more.
These findings are revealed today from an online term life insurance provider Haven Life, which commissioned accredited research firm YouGov to poll the views of a representative sample of 1,124 American adults.
Key highlights from the report include:
For women who report financial secrets, top of the list are secret personal purchases (34 percent).
More than one in four (27 percent) Americans with financial secrets are hiding a secret checking account.
Twenty-one percent have either a secret savings stash or checking account.
One in five Americans have secret debt their partner doesn’t know about.
“Money continues to be a difficult topic for any couple, but what’s surprising is how many Americans prefer to hide their spending habits rather than have an honest conversation about them,” says Yaron Ben-Zvi, co-founder and CEO, Haven Life. “Speaking openly about finances is vital for all successful couples, especially at key life stages like moving in together, getting married or having a child.”
The survey finds also that one in three Americans (32 percent) will only discuss financial matters with a partner when the relationship has become exclusive, while more than one in five (22 percent) will wait until after getting engaged.