Are you a financial fraudster? More than 40% of Americans say they cheated with their partners about money

One of the biggest challenges for couples is the decision to consolidate their finances. This choice can have a big impact if both partners are not equally committed to financial transparency.

A new report from the National Endowment for Financial Education found that more than 40% of those who said they had ever combined financially with a romantic partner promised some financial distrust. The study was based on a survey of more than 2,000 U.S. adults.

An overwhelming majority (85%) of those involved in some form of financial fraud have reported that this act has affected that relationship, whether present or past, in one way or another. And 16% said the situation ended the relationship or decided to separate the money.

Financial dishonesty includes a variety of behaviors, including concealing purchases, not disclosing financial accounts, and lying about income or debt.

Billy Hensley, president and CEO of NEFE, said: “Whatever the severity of the performance, financial distrust can put tremendous pressure on couples – it can lead to arguments, breakups and, in some cases, divorce or even divorce.” The report.

Hiding a purchase, bank account, statement, bill or cash was the most commonly reported form of financial distrust, surveyors said, followed by lying about money, loans or income. The survey found that 47% of men committed a form of financial fraud, vs. 39% of women.

Parents with recruits and children under the age of 18 were much more likely to have this kind of distrust. Significantly, the rate of financial distrust does not vary based on income level or home ownership status.

For reasons that people justify the decision to hide some aspects of their money from their partner or spouse, the most common explanation was that they felt that some aspects of their finances should be kept secret. This argument was quoted by 38% of people who disbelieved financially.

Other reasons that seem to force people to be deceitful about their finances were denial and fear of embarrassment. Unmarried partners were more likely to be embarrassed than those who had already tied the knot.

To avoid financial betrayal – or to recover from an example of this – couples can take steps to reconsider their joint approach to money.

Ted Rossman, a senior industry analyst at Bankrate and, advises couples to consider a “yours, mine and ours” attitude toward money.

“If you want everyone to have their own money to spend without question, that’s fine, but you have to agree to the parameters ahead of time,” Rosman wrote in a separate report on financial distrust published in March. “This ensures that you are in line and working towards your larger goals.”

Deloney Carter, a senior adviser to financial planning and insurance marketing firm Equis Financial, suggested that each partner view these accounts as “fun funds.”

Carter wrote in a blog post, “The agreement is that the money in this account can be spent on anything without consulting your significant other.” “For instance, you can immediately grab some of your fun funds and buy a low-budget, TV-themed movie that you like but your partner dislikes ৷ and they won’t be bothered that you’ve spent the money.”

Other researchers who have studied financial distrust also say that open and honest communication is important to prevent such disobedience.

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