Chapter 4. Money secrets and financial infidelity

 

According to a survey conducted in 2021 by the National Endowment for Financial Education (NEFE), more than 2 in 5 people (43%) admitted to lying about money to their partner. According to the survey, the financial lies took a toll on the relationship and 85% of respondents said the deception affected their current/past relationships in some way. So, what constitutes financial infidelity?

 

How to

Financial infidelity includes (a) spending money in secret, (b) hiding credit and credit cards, and (c) holding secret saving and checking accounts, stashes of cash, borrowing loans, or incurring debt without the knowledge of one's partner, spouse, or significant other. This occurs when one or both partners lie to each other about money matters. Some individuals may engage in buying assets and making significant investments without the knowledge of the other partner. You cannot and should not justify such a behavior based on the size of the lie. A lie by any other justification is still a lie. The financial infidelity is the scale of all other infidelities and can lead to a disastrous relationship. You have to make a commitment to remain financially true to yourself, your partner, and your family by following these golden rules:

 

Practice

Now that you know about financial infidelity, think of paying it forward and discuss your money secrets with a friend or a family member.

 

Congratulations! You can move on to Chapter 5. Tips and ways to preserve money and relationships

To review the full module on Money and relationships, click here.