What would you do if you found out that your Mr. Right was actually a lying cheat--presenting you with a collection of carefully concocted fibs and Oscar award-winning performances? Would you forgive him? What if his infidelity was not with another woman, but, instead, he was being dishonest about money?
While discovering a fuchsia smear of LipPerfection on his collar--you wear bronze--will make you see red, uncovering a secret credit card debt or a chunky hidden bank account can also put a halt to your wedded bliss. Yes, financial infidelity--like its sexual counterpart--can destroy your trust and rip your relationship in half.
What is "Financial Infidelity"?
Financial infidelity refers to a broad spectrum of covert operations involving the family purse that are conducted by one spouse without the knowledge of the other. If your hubby has amassed a debt, hidden a major purchase, accumulated a nest egg in a secret bank account, or lied about his income, he has committed financial infidelity.
Is financial infidelity common?
If your significant other has engaged in financial infidelity, you may be relieved to know that you are not alone. In fact, a 2010 survey by the National Endowment for Financial Education (NEFE) and ForbesWoman revealed that 31% of respondents had deceived their partners about finances and a whopping 34% had lied about their incomes. The odds are that a couple close to you--no matter how sickeningly lovey-dovey they may appear--have experienced what you are going through now.
What are the repercussions of financial infidelity?
A breach of trust can damage your marriage. In fact, the NEFE survey revealed that 42% of the couples who had experience financial infidelity felt a decrease in trust towards their mates, 11% stated that it had led to a marital separation, and a shocking 16% divorced as a result of lies over money matters. While these numbers are staggering, keep in mind that the majority of couples managed to work things out and stay together. And a great way to start to repair the fracture is to try to understand the motivation behind the lies.
Why do people commit financial infidelity?
While the reason for his deception in no way provides him with a "get out of jail free card," it may help you to better manage your anger and find a suitable resolution to the problem. Here are a few potential explanations for you to consider.
- Rebelling. Secret spending can be an indication of a partner's desire to break free from the real or perceived financial control that their spouse exercises over them. Again, this, in no way, excuses their irresponsible actions.
- "It's My Money." Sometimes the main breadwinner feels that they are entitled to spend freely without consulting their "lower income-earning" spouse.
- Security Seeking. Let's face it. Job security is largely a thing of the past. Your spouse's secret hoard of cash may provide him with a sense of security--something to fall back on if either of you experiences bad times.
- Addiction. It is possible that your husband has succumbed to gambling, substance abuse, or some other form of addiction that has depleted your bank accounts.
- Cannot Delay Gratification. There is also the possibility that your husband is irresponsible with money.