Transparent clients, opaque partners: are they invested in honesty?

A new survey from Bankrate reveals that a high percentage of spouses and partners are keeping financial secrets from each other. More than 40% of respondents who are married or in a partnership admit to keeping a financial secret from their partner. These secrets include spending more money than their partner would be comfortable with, holding secret debt, and having secret savings, credit card, or checking accounts. The survey also found that financial infidelity is more prevalent among younger Americans, with 57% of millennials and 67% of Gen Zs admitting to keeping financial secrets compared to one-third of Gen Xers and boomers. Additionally, those with an annual household income below $100,000 are more likely to commit financial infidelity. The survey suggests that a lack of open communication about finances and a desire for privacy or control over one’s own finances are contributing factors to financial secrets. Bankrate senior industry analyst Ted Rossman suggests that coming clean about financial secrets is best for maintaining trust in a relationship.