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Over half of Americans have lied about money to their significant other, but only 27% consider it financial infidelity, according to a survey by the University of Southern Mississippi. Actions included hiding receipts, lying about prices and secretly getting another credit card. Relationships require financial honesty, said financial advisor Kristin O’Keeffe Merrick. Arguments about money are the biggest predictor of divorce, while marriages in which the wife earns more than the husband are more likely to end in divorce.
Can you cheat without being a cheater? When it comes to Americans and finances, at least some people think you can.
In a survey conducted by researchers at the University of Southern Mississippi, 53 percent of respondents said they’ve lied about money matters to their significant other, such as not saying exactly how much they’ve spent on something or hiding receipts. Interestingly, only 27% of respondents said what they were doing amounted to financial infidelity.
Adam Holt, founder and CEO of online financial advisor Asset-Map, disagrees. “Financial infidelity hides financial decisions intentionally (or unintentionally) from an invested partner,” he said. Of those surveyed, over 20% have spent money on their children without telling their partner, lied about the price, or kept purchases or receipts hidden. Other ways to “cheat” include secretly getting another credit card, not telling when you’re withdrawing money from the bank, covering debts, or not telling your partner about a raise or bonus.
Financial advisor Kristin O’Keeffe Merrick of O’Keeffe Financial Partners said relationships require financial honesty. “I have seen several cases of financial irresponsibility and infidelity that have ruined relationships,” she said. “If you and your partner are having trouble communicating about it, I suggest getting a third party involved.”
Money Matters:
Statistically, marriages in which the wife earns more than the husband are more likely to end in divorce.
Arguments about money, especially early in a marriage, are the single biggest predictor of divorce.
People are less sad when they are financially well, but they are not necessarily happier.
