By definition, financial infidelity is a situation when couples with combined properties lie about their actual finances and incomes.
It is found that nearly 30% of couples are experiencing financial infidelity, according to the survey from the US News and World Report.
One of the most common lies on money mentioned are those related to secretive purchases (31.4%), hiding debts (28.7%), and dishonesty about earnings (22.6%).
Numerous studies allay fears that financial infidelity is becoming more familiar with each passing day, with an estimated 76% of married couples involved in such secrecy being affected and capable of triggering 10% of divorces.
Experts believe financial infidelity can create relationship hurdles at the same level as romantic infidelity and worsens when a partner reveals such undercover secrets related to economic behaviour. Psychologists say many married people who engage in financial affairs tend to hide their money, assets, inheritance, bills or other financial behaviours to limit judgments or arguments over money issues from their partners.
Financial infidelity can be triggered by various factors, including the urge to conceal the unnecessary tiny purchases that would upset couples. However, it would be significant if it involved lying about incomes and debts, lending large amounts without consent, making extravagant spending or keeping secret bank accounts.
Michelle Jeanfreau, the associate professor of child and family sciences at the University of Southern Mississippi, US, financial infidelity is still a new concept to public awareness.
In her research, she found that 27% of people surveyed admitted to having committed financial infidelity, and half of them reported engaging in behaviours that could be taken as financial infidelity, revealing that many people don't know what financial infidelity means.
The US News and Report survey asserts that only 8% of partners discover financial infidelity by confession.
Depending on the context, some schools of thought view financial infidelity as an individual's meanness trait.
In these views, consumers' financial infidelity can be mitigated or exacerbated by partners' spending habits. For instance, a partner who might be involved in inappropriate spendings, such as gambling and betting, can lay a good ground for financial infidelity.
Financial harmony as a way of aligning short-term and long-term goals and finding the proper balances can help couples with financial infidelity in which partners are satisfied with how the other side handles their finances.
According to Jenny Olson, Joe J Gladstone, et al., in their study the Love, Lies and Money: Financial Infidelity in Romantic Relationships released in 2020, they indicated that the couple's need to harmonize finances could be a trigger to financial infidelity.
For instance, a partner thinks his partner would be dissatisfied with her spending habits.
Research findings portray financial matters as a significant source of marital conflict. They can exacerbate divorce tendencies at specific points because relationship conflicts over money are brutal to solve and more problematic than non-monetary issues.
One way to prevent financial infidelity is to have joint bank accounts. Joint bank accounts may encourage more responsible spending, less financial conflict, more intimacy and higher relationship satisfaction.