It is very good to keep your personal finances to yourself when you are single. But what if you continue this habit when you are married?
Financial infidelity can wreak havoc on a marriage and cause major trust problems between couples if either of them is not honest with money.
From hiding purchases, to a secret bank and credit card account, to taking out a loan without your spouse knowing, these are just a few examples of financial infidelity.
In 2020, a survey by creditcard.com found that financial infidelity in marriages is on the rise. 44 percent of US respondents admitted that they kept money secrets from their spouses.
However, experts say there are some red flags that can help you identify when your partner may be keeping money secrets from you.
These can be emotional conversations when the subject of money is brought up, bank or credit card statements are found that you don’t know about, are removed from a shared bank account, or when they suddenly appear cashless.
However, it seems that depending on your age, you are more likely to commit financial infidelity. Another survey conducted by creditcard.com in February this year found that Millennials are more likely than Gen Xers and Baby Boomers to commit financial infidelity to their partner.
How do couples ensure that they remain financially loyal? Communication is key, say experts.
Felicity Glover is hosted by Dr. Sanjay Tolani, the executive director and general manager of the multi-family consulting firm Goodwill World, accompanies him as he shares his thoughts on why it is important to be financially loyal in a marriage.