Do you and your partner combine your finances?
If you do, you may have found that it’s easier to achieve joint financial goals. After all, your money is working together. But with this decision comes a certain degree of cooperation and transparency in your money management.
However, a 2021 survey found that two in five Americans who have combined their finances in current or past relationships admitted to committing financial infidelity against their partner.
The term financial infidelity was used to describe financial deception — such as lying to your partner or spouse about money; hiding purchases, bank accounts, statements, bills or cash; lying about finances, debt or earnings.
Among those surveyed, over one third hid a purchase, bank account, statement, bill or cash. 16% said they had committed more severe deceptions, like lying about the amount of debt they own. Among those who have committed financial deceptions, nearly one third say they believe some aspects of their finances should remain private, even from their partner or spouse.
Money is often a reason for stress in a relationship and it’s even a leading cause of divorce. This study, conducted by Harris Poll, sheds light on that.
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Bautis Financial Advisor Commentary: November 18, 2021