Are Keeping Your Finances Secret A Form Of Cheating

According to a new Bankrate survey of 2,564 U.S. adults, including 1,208 who are married, living together or in a civil partnership, 55% believe they know everything there is to know about their significant other’s finances. While this isn’t an issue for them, or at least not one they’re aware of, that leaves 45% who admit they’re clueless about at least some aspects of their partner's financial situation.

• That could really be a problem for the 43% who believe keeping financial secrets is at least as bad as physical infidelity.
• But some people are intentionally hiding money-related stuff from their partner, as 9% confess they’re keeping major sources of debt, expenses or income a secret from their other half.
• For 38%, that kind of financial infidelity is as bad as physical cheating. And 5% think it’s actually worse.
• What’s not being shared isn’t always some major secret, a quarter say they’re just keeping minor sources of debt, expenses or income to themselves. And 11% reveal they’re just not discussing credit scores, credit histories, or sources of savings or investments.
• More than one in four (28%) say they should be allowed to keep some financial information to themselves.
• Another 15% say they don’t want their partner to know about what they’re hiding and 14% admit they’d be embarrassed if their partner knew.
• But 43% believe their partner wouldn’t care if they did tell them … so we have to wonder why they’re keeping it secret at all.

Source: Bankrate