Financial Cheating is Surprisingly Common
Financial Cheating is Surprisingly Common
A survey conducted in early 2023 by Bankrate found that nearly 1 in 4 Americans admitted to some form of financial infidelity in their relationship. Another survey described in a 2011 article, Is Your Partner Cheating on You Financially? 31% Admit Money Deception by Jenna Goudreau... "Over half of all financial cheaters admitted hiding cash (58%) or minor purchases (54%).
Of the offenders, 30% have hidden a bill, 16% have hidden a major purchase, 15% had a secret bank account, 11% lied about their debts and another 11% lied about the amount of money they earned."1
Boston-based family therapist Carleton Kendrick has been counselling couples for over 30 years and says money deception has become a huge issue in the last decade. Kendrick says, "the chief reasons people lie about money to their partners are pragmatism, control, guilt, and fear. The pragmatic lie may result from planning an eventual split and not wanting the other to know how much money is available."
Financial infidelity for control may include revenge spending, as one partner overspends to prove their independence or to get back at the other for something lacking in the relationship. Knowingly irresponsible behaviour may cause guilt and embarrassment, so the person attempts to cover it up. Deceit may also occur because they fear their partner’s reaction to the truth.1
A Few Financial Cheating Red Flags
These are some things to watch out for if you suspect your partner may be financially deceiving you.
- Controlling behaviour: Your partner handles all the responsibility of paying bills and doesn't want you to know anything about the family finances.2
- Defensiveness: When you want to talk with your spouse about money, they become defensive or refuses to discuss finances.
- Distrust: You don't trust your partner.2
- Financial arguments: The two of you argue about money more often.
- History: Your partner has lied to you before about money.3
- Intuition: You just have a gut feeling that they are hiding something from you concerning your finances.
- Lying: Your spouse lies to other people about expenditures or income.3
- Revenge: One or both of you begin revenge spending.
- Secrets: You discover secret bank accounts or secret debts.3
- Sudden changes: Your partner's spending habits change suddenly.
What to Do About Financial Infidelity in Your Relationship
Here are some ways to work on fixing this issue with your partner.
Create an Open Dialogue
Don't bury your head in the sand. It's time to have a difficult and serious talk about your finances with your spouse or partner. Tell them about any feelings you have about lying or being lied to about your finances. Your concerns, guilt, anger, panic, sense of being betrayed, embarrassment, helplessness, etc. You need to be heard by your partner.
Have a weekly discussion about the state of your finances. It doesn't have to be long, but make time to check on your accounts together and talk about upcoming bills, issues, goals, hopes, etc.
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Move Forward With Positive Changes
If you are the cheater, admit you made a mistake, stop lying about your finances. Make a decision to be honest, open, and to keep your promises. Accept your responsibility for bringing financial infidelity into your marriage. And sincerely apologize.
Be realistic about what can and can't be done to salvage your financial situation. Set up separate checking accounts along with a joint account. Decide together how much you can each deposit in the personal accounts and a joint account. It is important that you both agree that those funds are yours individually to do with what you want.
If these suggestions don't help, seek financial and/or couples counselling. Lying, hiding or being secretive about money is a big marriage "no-no." If there is a problem in regard to this, it is time to fix it with respect and integrity.
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