Page 34 - San Diego Woman Amy Haber Issue

2 in 5 Americans Admit to Financial

Infidelity Against Their Partner

Men More Likely Than Women to Confess to Deception

A poll from the National Endowment about one in five (21 percent) admitted a partner/spouse in a relationship where
for Financial Education® (NEFE®) analyz- to lying about finances, amount of debt discussions about finances had not yet
ing financial infidelity among U.S. adults owed, or amount of money earned to a occurred (27 percent).
finds that among those who report having partner/spouse. Among those who ever combined
ever combined finances in a relationship, The survey, which was conducted by finances with a spouse or partner and com-
two in five (43 percent) confess to having The Harris Poll among 2,073 U.S. adults mitted a listed financial deception:
ever committed some act of financial de- in June 2021 on behalf of NEFE, also • Among those in different income
ception, with 85 percent of those individ- finds that among those who ever com- levels (“<$50k”, “$50-$74.9k”, $75k-$99.9k”
uals stating the indiscretion affected the bined finances with a partner: and “$100k+”), there were few statistical
current/past relationship in some way. • Men were more likely than women differences among the reasons why they
“When you comingle finances in a (47 percent vs. 39 percent) to report hav- committed financial infidelity.
relationship, you’re consenting to coop- ing committed a financial deception. • The top reason among homeowners
eration and transparency in your money • Neither current income level for having committed a financial deception
management. Regardless of the severity nor current homeownership status was believing that some aspects of their fi-
of the act, financial infidelity can cause appears related to whether financial nances should remain private (42 percent),
tremendous strain on couples—it leads to deceptions were reported. while renters reported embarrassment/fear
arguments, a breakdown of trust, and in • Current life situations may be re- about their finances and not wanting their
some cases, separation or even divorce,” lated to reporting financial deceptions. partner to know as their top reason (37
says Billy Hensley, Ph.D., president, and Employed individuals (52 percent vs. 31 percent).
CEO of NEFE. percent not employed) and households • The employed (43 percent) are more
Financial infidelity is an act of de- with children under age 18 (59 percent likely than the unemployed (27 percent) to
ception by one partner in a relationship vs. 32 percent without) both are signifi- justify their financial deceptions because of
where finances are combined. Examples of cantly more likely to report a financial a belief that some aspects of their financ-
infidelity include hiding purchases, mon- deception. es should remain private. The employed
ey, or accounts, lying about the amount of • Two in five (42 percent) reported (31 percent) are also more likely than the
income earned, debt owed, and more. The that a spouse/partner committed a listed unemployed (18 percent) to justify their
poll asked respondents about the inci- financial deception on them. financial deceptions because of fears of dis-
dence of financial deceptions in current/ “Our goal with this consumer poll is approval without having discussed finances
past relationships, as well as explanations to understand whether or not financial with their partner/spouse.
for—and impacts of—those deceptions. infidelity occurs, why partners com- • Those who are currently not married
NEFE’s poll analysis includes a breakdown mit acts of financial deception and the were significantly more likely to cite em-
of results by gender, race, employment aftereffects,” says Jill Jones, Ph.D., NEFE barrassment as their reason for the decep-
status, and other variables. managing director of research. tion, compared to those who are currently
“NEFE’s polling provides a snapshot married (39 percent vs. 28 percent).
of issues that stand out in Americans’ Reasons for Committing Financial
consciousness when thinking about their Deception Effects of Financial Deception
finances. When two in five people admit When asked for reasons why they had More than eight in 10 (85 percent) U.S.
to committing financial infidelity in a committed a financial deception, U.S. adults who report ever combining finances
relationship where money is combined, it adults who reported ever combining with a spouse or partner and either commit-
highlights the need for greater communi- finances with a spouse or partner and ting a financial deception or their partner/
cation and a deeper understanding of who committing a listed financial deception spouse committing a financial deception
your partner is financially,” Hensley adds. most often said that they believe some indicate that financial deceptions have af-
Among U.S. adults who have ever aspects of finances should remain private fected their current/past relationships where
combined finances in a current/past rela- (38 percent). This was followed by fear- finances were combined. The outcomes
tionship, 43 percent have ever committed ing disapproval by a partner/spouse in a include causing an argument (42 percent),
at least one financial deception. Over one relationship where discussions of finances less trust in the relationship (32 percent), less
third (39 percent) admitted to hiding a had already occurred (34 percent), being privacy in the relationship (20 percent), and
purchase, bank account, statement, bill, embarrassed or fearful about their finances leading to a separation of combined finances
or cash from their partner/spouse, and (33 percent) and fearing disapproval by or divorce (16 percent each).
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