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More than two in five US adults who combine finances in a relationship admit they have committed an act of financial deception, and most of them say it has affected that relationship in some way.
“When you mix finance into a relationship, you consent to collaboration and transparency in your money management,” said Billy Hensley, Ph.D., president and CEO of the National Endowment for Financial Education, which conducted the survey.
“Regardless of the seriousness of the crime, financial infidelity can take a tremendous toll on couples. It leads to arguments, loss of trust, and in some cases, separation or even divorce.”
The Foundation defines financial infidelity as an act of deceit by a partner in a relationship combining finances.
More than a third of respondents admitted to hiding a purchase, bank account, statement, bill, or cash from their partner or spouse, and about one in five admitted to lying about finances, debt owed, or money made. Among the other findings:
Men are more likely than women (47 percent versus 39 percent) to report financial fraud.
Neither current income level nor current homeownership status appear to be related to whether financial deception is reported.
Current life situations can be related to the reporting of financial fraud. Employed persons (52 percent vs. 31 percent) and households with children under the age of 18 (59 percent vs. 32 percent) report financial fraud significantly more often.
Two in five said a spouse or partner committed financial deception.
When asked why they have committed financial deception, respondents are most likely to say they believe some aspects of finances should be kept private (38 percent).
This was followed by fear of disapproval from a partner or spouse in a relationship where there had been discussions about finances (34 percent), shame or fear for their finances (33 percent), and fear of disapproval from a partner or spouse in a relationship Relationship in which discussions about finances did not occur yet (27 percent).
There are few statistical differences between different income levels as to why they committed financial infidelity.
Employed (43 percent) are more likely than unemployed (27 percent) to justify their financial deceptions with the belief that some aspects of their finances should remain private.
Those who are not currently married are significantly more likely to cite embarrassment as a reason for deception than those who are married (39 percent vs. 28 percent).
Hispanics (41 percent) and Blacks (44 percent) are more likely than Whites (28 percent) to say they feel embarrassed or scared about their finances, and because they don’t want their partner to know, they have a delusion committed.
More than eight in 10 who admit to cheating say cheating has affected current or past relationships.
Findings include causing an argument (42 percent), less trust in the relationship (32 percent), less privacy in the relationship (20 percent), and breaking up from combined finances or divorce (16 percent each).
Women are significantly more likely than men to report that financial fraud has led to a dispute (47 percent vs. 37 percent).
Adults with children under 18 in their households are significantly more likely than those without to say the deception caused a fight (47 percent versus 36 percent).
One in five say the deception has caused the couple to grow closer, and 16 percent say the deception has caused the couple to communicate proactively.
“NEFE’s survey provides a snapshot of issues that stand out in Americans’ minds as they think about their finances,” Hensley concluded. “When two in five people admit to being financially unfaithful in a relationship that combines money, it underscores the need for greater communication and a deeper understanding of who your partner is financially.”
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