Are you guilty of cheating when it comes to your finances? A recent CreditCards.com survey found that more than 7 million Americans have hidden a bank or credit card account from their spouse or partner. This breaks down to approximately 4.4 million men and 2.8 million women.
The study also found that consumers are concealing a boatload of financial secrets.
Key research findings:
- One in five Americans shelled out $500 or more on a purchase without their significant other’s knowledge. Men were found to be more likely to have done this.
- The most surprising survey result is that many Americans say they are okay with their spouse or significant other purchasing big-ticket items without telling them.
- Roughly 1 in 3 men (31%) are accepting of their spouse or partner spending more than $500 without their knowledge compared with 18% of women.
“These secrets are a recipe for disaster,” said Matt Schulz, CreditCards.com’s senior industry analyst in a statement. “If you and your significant other aren’t honest with each other about what you’re spending, you never really know how much money you have and that can lead to big problems.”
Stay tuned for a Q and A with Schulz on why consumers are engaging in financial infidelity.
For more on this topic, see Recognizing the Signs of Financial Infidelity.