Financial infidelity may be the newest trend affecting relationships.
According to a recent poll 36% of Canadians surveyed have lied to their romantic partner about money. The Marketing Research and Intelligence Association surveyed over 1,500 people online.
While gender and income don’t appear to play a significant role in financial infidelity, age sure does. Those aged 18-34 showed a 50% chance of being victims, while the 65 plus age group showed a much lower 18%.
” I think it comes down to a lot of pride. When we grow up we’re typically told you don’t talk about finances in a lot of households. So, a lot of people don’t really understand good budgeting and different things. Then there are a lot of people who have a spending problem” says Matt Reid, a personal injury lawyer at Cohen Highley.
Often he’ll see a client unable to work after an accident and in an attempt not to worry their partner, they may withhold that they may be struggling financially.
These conversations need to happen no matter the level of income.
Some of the worst kinds of offences brought up in the poll are racking up a credit card balance, lying about income or where it goes and going bankrupt without telling your partner.
“I think both people need to be very clear about what the finances look like so that they aren’t getting into a situation where they’ve accumulated too much debt and can’t get out of it” was Reid’s explanation of why it is so important to stay on the same page as your spouse when it comes to money matters.
Whatever mistakes you make with your money will catch up with you.
Especially if you lie about or hide those errors from the person you should be the most honest with.
Couples need to have financial goals and stick to them. Any changes to those goals need to be communicated so that your finances, or relationship don’t go into the red.
