Let's Go On a ... Money Date?
Why a "Money Date" Could Save Your Relationship
A recent Bankrate survey revealed startling statistics about the frequency and impact of financial secrets within romantic partnerships.
While the concept of "financial cheating" might not carry the same weight as an actual affair for some, the survey reveals that approximately 1 in 4 Americans in relationships view keeping financial secrets as equally or even more damaging to the relationship.
The survey, conducted among married or cohabiting adults in the United States, found that a significant portion (42%) admitted to concealing financial information from their partners. Of those, more than a quarter (28%) believed that such secrecy was tantamount to, or even worse than, physical infidelity.
Leading the list of financial secrets were actions like overspending (30%) and accumulating debt without their partner's knowledge (23%). Additionally, maintaining secret savings accounts (19%), hidden credit cards (18%), and undisclosed checking accounts (17%) were common forms of financial infidelity reported by respondents.
Financial Secrets
Secretly overspending and adding debt, secret savings or checking accounts, and hidden credit cards are top examples of financial secrets.
Gaps Uncovered
Interestingly, the study uncovered generational and income disparities in financial infidelity.
Younger generations, particularly Generation Z and Millennials, were more prone to keeping financial secrets compared to older demographics. Moreover, households with lower incomes were more likely to engage in financial infidelity than those with higher incomes.
Understanding Why
When delving into the motivations behind financial secrecy, reasons ranged from a desire for financial privacy or control (37%) to embarrassment about money management habits (28%).
Some respondents cited concerns about relationship repercussions or distrust in their partner's handling of finances as additional factors influencing their decision to keep secrets.
Time For A “Money Date”
Ted Rossman, Bankrate's senior industry analyst, emphasizes the importance of open communication about finances in relationships.
He suggests regular "money dates" as a way for couples to align on financial goals and avoid the accumulation of financial secrets, which can erode trust over time.
A money date is a time for couples to review income, banking statements, loan balances, and even retirement accounts, and then budget for both short-term and long-term spending.
The focus is not only on dollars and cents. This is valuable time for a couple to understand their financial goals and how managing money together will help them achieve goals that truly matter.
Ultimately, the survey underscores the significance of transparency and honesty in financial matters within romantic relationships. While financial infidelity may seem harmless initially, the long-term repercussions can be detrimental to the bedrock of trust upon which healthy relationships thrive.
About The Author
Scott Nelson
Scott Nelson has served as Achieve Credit Union’s Marketing Director since 2022. Scott’s a big fan of credit unions and the positive impact they have on the local communities they serve.
Fun fact: You may see Scott at your local high school baseball games - as an umpire.