A new survey by CreditCards.com found that many couples are unfaithful about money.
About 40% of Americans admit to having committed financial infidelity. The most common offense is spending more money than the partner would be okay with. Others have secret credit cards or secret bank accounts.
“The most common reason people gave us was because they want privacy, they want to manage their own money,” said Ted Rossman, an industry analyst at CreditCards.com.
Rossman said millennials are most likely to commit financial infidelity and this can often lead to feelings of betrayal.
“You think, hey, I really thought I knew this person and they kept this a secret for so long. And probably they’ll find out at some point, so I think it’s a good idea to communicate early and often idea,” he said .
One in four respondents believe that financial infidelity is worse than physical cheating.
Stephon and Christina Chaney were married for a couple of years before sitting down and talking seriously about finances.
“How much do I spend on coffee and how much do you spend on lunch?” Christina Chaney said.
They decided to set up monthly budgets, but sometimes there is a little cheating.
“When I see a transaction in the account and we have both agreed on certain budgets, right, and I see something that went beyond that, I think this woman cheated on me, right,” said Stephon Chaney jokingly.
The Chaneys said it was important to be open to spending, have mutual respect and accountability, and stay on the same page. That kept their marriage on the same page as well.