Happy Valentine’s Day, honey. Hey did you know i cheated on you (So financially.)
This is the grim – and unromantic – reality for millions of Americans. Four in ten American adults who are married, civilly partnered, or otherwise cohabitant have a great financial secret from their current partner. This is the result of a survey recently ordered by our sister site CreditCards.com.
Millennials (25-40 years old) are the biggest offenders. Slightly more than half (51%) commit financial infidelity to their current partner. For members of Generation X (41-56 years) the numbers drop to 41% and for baby boomers (57-75 years) to 33%.
Overall, hidden expenses are the main culprit. About 30% of couples admit to spending more than their partner would agree. Secret debts come at 11%, followed by a hidden savings account (9%), a secret checking account (7%) and an undisclosed credit card (also 7%).
Why do people do it
The most common explanation was “privacy / desire to control my own finances” given by 30% of secrecy keepers. The next was …
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