(InvestigateTV) — A new Bankrate study revealed that two in five people in a committed relationship have committed financial infidelity.
Ted Rossman with Bankrate said this is happening more often than people realize.
“The most common example is spending more than they would be okay with,” Rossman explained. “That’s followed by things like secret debt, secret banks or secret credit cards. All told about four in 10 Americans who are married or otherwise living with a romantic partner have done this against that person.”
He said it appears to be generational with a big jump in financial infidelity among younger people. About 63% of Gen Zers admit to keeping money secrets, and nearly half of millennials say they’ve done the same.
“A few theories on that one, people are getting married later. And they’re also more likely to have their own income,” Rossman noted. “And a lot of times the kind of an object in motion stays in motion where you’re used to doing your own thing and it’s hard to mesh that with somebody else. Maybe you feel a little bit reluctant.”
Rossman said one work around that is becoming increasingly common is the yours, mine and ours budget approach. This is where partners agree to each have a certain dollar amount or certain percentage of every paycheck that is theirs and theirs alone.
A lot of people want that financial independence and Rossman said it’s not financial infidelity if both people agree on it.
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