Although many are not familiar with the term financial infidelity, it has increasingly become a problem in many households across America. So what exactly is financial infidelity? Financial Infidelity occurs when one person in a committed relationship spends or hides money without disclosing it to their partner.
Like sexual infidelity, financial infidelity can destroy one’s marriage. Money problems are known to be one of the leading contributors to divorce. Financial infidelity happens to be at the top of the list of money problems that lead to divorce. Shockingly, Jennifer Brand, a family law specialist in Philadelphia, stated “I see more cases of divorce caused by financial infidelity than I do from sexual infidelity”.
So how many people out there are actually lying to their spouses about money? The numbers are surprisingly high. In a recent survey conducted by HarrisInteractive, the following results were revealed:
- Approximately 1 out of 3 people admit to lying to their partners about finances
- One in Four people state that their partners have withheld financial information
- Three out of Four people surveyed stated that they fight at least occasionally about money
- One in Four adults believe that financial infidelity is worse than sexual infidelity
- 96% of the group surveyed reported that it is both partners’ responsibility to be completely honest about financial issues.
The results indicate that financial infidelity is a serious problem. As one can imagine, any form of dishonesty in a relationship can lead to serious trust issues. Those trust issues can ultimately break down the emotional connection needed to make a relationship last. The reality is that the effects of financial infidelity on a relationship are no different and oftentimes worse than sexual infidelity. If you are having a problem with being completely honest around your finances with your partner or are having problems getting over financial infidelity in your relationship, you should consider working with a financial therapist.