Forty percent of Americans who are married, in a civil partnership or living with a romantic partner are committing or have committed financial infidelity against their current spouse or partner, according to a Bankrate survey released this week.
Thirty-three percent are or have spent more than their spouse or partner would be OK with, 23% have secret debt, 17% a secret credit card, 15% a secret savings account and 13% a secret checking account.
The survey found that younger people are more likely to commit financial infidelity than older ones. Specifically, 67% of Generation Z in live-in romantic relationships have or are currently doing so, compared with 54% of millennials, 33% of Gen Xers and 30% of baby boomers.
“It’s hard enough to meet your financial goals when you’re pulling in the same direction, but it’s almost impossible if you're pulling in opposite directions,” Bankrate senior industry analyst Ted Rossman said in a statement. “It’s all about practicing open communication, setting the right priorities and course-correcting as needed along the way.”
YouGov Plc conducted the online survey in early December among 2,217 U.S. adults of whom 1,089 are married, in a civil partnership or living with a partner.
Worse Than Physical Infidelity
Thirty-eight percent of survey participants said that keeping financial secrets from a romantic partner is as bad as physical infidelity, and another 7% said that doing so is worse. This compares with 33% of respondents who said that keeping financial secrets is not as bad as physical infidelity.
Although Gen Zers are most likely to keep financial secrets, 63% of those young respondents in live-in romantic relationships said that financial infidelity is at least as bad as the physical kind. Fifty-one percent of millennials, 45% of Gen Xers and 36% of boomers in live-in relationships agreed.
Overall, 62% of respondents keep at least some of their money separate from one another, according to the survey:
- Gen Zers: 88%
- Millennials: 70%
- Gen Xers: 59%
- Boomers: 52%
Thirty-eight percent of married or partnered respondents said they rely exclusively on joint accounts with a spouse or partner.
“Being open with your partner about your finances doesn't necessarily mean you need to combine all of your money,” Rossman said. “‘Yours, mine and ours’ is an increasingly popular strategy.”
He noted that young adults, in particular, seem to enjoy having some money that they can call theirs and theirs alone.
“As long as you agree upon the parameters,” Rossman added, “maintaining separate accounts doesn’t constitute financial infidelity.”
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