ROCHESTER, N.Y. — As Valentine’s Day approaches, financial infidelity is a topic of concern for many couples. A recent survey by Bankrate revealed that 45% of people do not know everything about their partner’s finances, which can impact relationship health.
One in four folks surveyed by Bankrate admit to hiding debt, expenses, or income from their partner.
Shopper Sue Love believes financial cheating is more common than people admit.
“I think there’s a lot more of financial cheating than people admit to,” said Sue.
However, her husband Chuck Love said he is always honest about money.
“I am. Yeah. I always tell her what I got!” said Chuck.
Peter James, another shopper, said he and his wife manage their finances separately.
“My wife has her account, we have a joint account, and I have mine. And so what I do with my money is my business and what she does with her money is her business,” said James.
And thar’s worked for him and his wife for 46 years. It’s actually a healthy approach to money management according to Bankrate’s Principle Analyst Ted Rossman.
“Maybe you agree that you each have some money that’s yours and yours alone. And that’s separate from the account you have for joint bills,” said Rossman. “That’s fine as long as you agree on it.”
A significant 47% of millennials believe financial cheating is as bad as physical cheating.
“I would say it’s very similar in overall severity but I feel it’s not as much of a hard stop,” said Jacob Everett.
Catherine Beamish and her partner, both 30, are getting married on Valentine’s Day and have already combined their finances.
“Young people are challenging some of the stereotypes here. They’re more likely to talk about money early in a relationship,” said Rossman.
That’s the case with these two lovebirds.
“I think in general people have become less private about their finances and they’re willing to talk about their salaries with each other in the workplace,” said Beamish.
Financial infidelity is serious, with 20% to 40% of divorces caused by money issues. Rossman advised couples to check in with each other monthly and not be afraid to seek outside help if needed.
Are you struggling with talking about finances with your significant other? Here is a list of links to nonprofit organizations that can help:
Consumer Credit Counseling of Rochester National Foundation for Credit Counseling Money Management International GreenPathConsumer Alert: How financial secrets could impact your relationship this Valentine’s Day WHEC.com.
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