Have you ever suspected your partner of financial two-timing?
According to CreditCards.com’s latest financial infidelity poll, 44% of those surveyed are hiding a checking, savings or credit card account from their partner, have secret debt or are spending more than their partner would think was OK.
A mere 19% of respondents came clean in last year’s poll, but we asked only about secret checking, savings or credit accounts – not furtive debt or unbridled spending – which likely accounts for this year’s bigger percentage of those who fessed up.
In addition, this year’s survey revealed that millennials are much more likely than Gen Xers and baby boomers to have committed some form of financial infidelity with their current partner.
Financial infidelity inevitably leads to mistrust within a relationship, said Carissa Coulston, a clinical psychologist and author of a relationship blog for The Eternity Rose.
“Once it is discovered, the victim of infidelity often finds him or herself questioning what other secrets are being kept – then, suspicion begins to cloud the relationship around issues that don’t even involve money – and arguments become frequent,” Coulston said.
Morghan Leia Richardson, matrimonial partner at the firm Davidoff, Hutcher & Citron LLP in Manhattan, said finances are still one of the key stressors in any marriage that can lead to divorce.
“I often think that the marriage vows should come with a financial disclosure form,” Richardson said………..Read More>>