60% Of Americans Keep One Of 5 Secrets From The Person They Love
Krakenimages.com | Shutterstock More than half of Americans are keeping some sort of secret about their finances from their partner. If these secrets were about an extra pair of shoes snuck into the closet, the problem would be minor, but these are anything but insignificant.
People often keep these secrets because they feel ashamed or want to fix the issue on their own. It might seem harmless, but it can cause serious damage to the relationship if the secret is discovered. If they're married, they're also putting their spouse's financial well-being at risk.
More than half of Americans are keeping one of these secrets from their partner:
1. 11% keep a secret bank account
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Everyone deserves the right to have a bank account only they can access, but unless there's an unhealthy or abusive dynamic in the relationship, keeping a secret can be seriously damaging to a relationship. When that secret is about shared finances, it can also be considered financial infidelity, and a surprising number of people are doing it.
This can cause arguments and a lack of trust in the relationship. Their partner may find out and try to protect themselves by storing away their own money in case the situation is worse than they thought. The next thing you know, both people are hiding money and a massive wedge has been driven between them.
2. 21% have a bad credit score
About 15% to 30% of Americans have a poor credit score, and reportedly around 30% of people don't even know their partner's score. Even worse, more than half of people have said they’ve hidden or lied about their financial situation to their partner.
Judgment and shame over financial mistakes can lead people to hide their credit score. There's a ton of secrecy around money in our culture, after all. When a partner discovers the secrets that have been kept, it can affect the trust in the relationship. It might ruin or push back future plans surrounding money and combining finances if it hadn’t been done already.
3. 14% keep their gambling habits hidden
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Gambling can seem like harmless fun to some, and many of the online gambling companies actively try to make their high-risk betting seem fun. But Americans are losing big on online gambling! Americans reportedly spent $166 billion (with a B!) on gambling last year. And that's just sports betting.
They may try it because they’re curious and want to see if they’ll win anything, but this can quickly turn into a habit that can drain their finances and make them feel like they need to hide the losses from their partner. Partners of gamblers may be blindsided by missing finances and unpaid bills. While the relationship can possibly be saved, their partner might have a hard time trusting them.
4. 30% hide a big purchase or financial decision
Hiding major purchases is a common form of financial infidelity. People often hide their spending habits to avoid conflict with their partner, and we're not talking about a new lipstick or screwdriver. They may want to hide it before their partner notices anything.
Covering up a big financial decision would require repeated deception over time. If it is uncovered, it can lead to one or both parties being less satisfied or ending the relationship altogether.
5. 16% Significant credit card debt
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A good percentage of people tend to hide debt from their partner. They often feel embarrassed and don't know how their partner will react to the news. They may even try to pay back the debt before their partner finds out, causing the person to feel alone in the process.
If their partner does find out, it can put strain on the partner and the relationship. If they share joint responsibility for their finances, the debt can hurt both of their credit scores and future stability.
Aricka Croxton is a writer with a Bachelor’s Degree in Creative Writing from the University of Michigan who covers relationships, self-help, and wellness.
