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,â€ 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.â€
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.