(WXYZ) — Twenty-nine million Americans are currently concealing a bank account or credit card from their spouse or partner, says a CreditCards.com study.
Research shows that is about 19 percent or every 1 in 5 people who are in a live-in relationship. According to the study, people ages 18-37 are almost twice as likely than those who are older to hide an account from their serious romantic partner -- 28% compared to 15%.
Other more common offenders are those in the South (22%) and West (21%), versus those in the Northeast (16%) and Midwest (12%).
Researchers also concluded: "Most Americans see this type of financial infidelity as a serious offense. More than half (55%) believe that keeping a secret bank or credit card account is at least equal in severity to physical cheating. This includes 1 in 5 who think that it’s worse. The idea that financial infidelity is worse than physical infidelity generally rises with age, while the propensity to believe physical cheating is worse is more prevalent amongst those with higher income and education levels."
Nearly 5 million people admitted to hiding such an account from the current romantic partner, but say they no longer do.
“Talking about money with your spouse isn’t always easy, but it has to be done,” said CreditCards.com industry analyst Ted Rossman. “You can still maintain some privacy over your finances, and even keep separate accounts if you and your spouse agree, but you need to get on the same page regarding your general direction, otherwise your financial union is doomed to fail."
See the full report here.
