- Financial infidelity is the act of hiding financial information from one’s partner.
- It can have significant negative impacts on mental health and relationships.
Relationships, Finances, And Mental Health
Relationships, finances, and mental health are interconnected aspects of life. Positive relationships and effective financial management can contribute to good mental health, while strained relationships and financial stress can negatively impact mental health.
Research shows, in recent years, financial infidelity in couple relationships has emerged as a cause of growing concern. It has had strong links to broken relationships, messy divorces, and difficult custody battles.
What Is Financial Infidelity?
Financial infidelity is the act of hiding financial information from one’s partner or engaging in financial activities without the other partner’s knowledge or consent. Examples of financial infidelity include:
- Hiding purchases
- Not revealing debts
- Opening bank accounts or credit cards without the partner’s knowledge
- Lying about income or expenses
Causes Of Financial Infidelity
Common causes of financial infidelity include:
- Financial disagreements between partners
- The desire to maintain financial independence
- Financial insecurity or fear of judgment
- The need for control in the relationship
- Differences in financial values or goals
Prevalence Of Financial Infidelity
Studies suggest that financial infidelity is prevalent in romantic relationships, with around 42% of individuals admitting to hiding a purchase or debt from their partner. Furthermore, around 75% of individuals in committed relationships have at least one financial secret from their partner.
Research affirms that a majority of admittance of financial infidelity pertains to 29% of Gen Xers and baby boomers, 63% of Gen Zers, and 54% of millennials.
Financial Infidelity And Poor Mental Health
Engaging in financial infidelity in marriage or any intimate relationship can significantly impact one’s mental health and the respective relationship. The guilt and stress associated with hiding financial information or engaging in financial activities without the partner’s knowledge can lead to anxiety, depression, and relationship problems.
Furthermore, individuals who experience financial infidelity from their partner may experience trust issues and resentment, leading to poor mental health outcomes like depression and anxiety.
Tips For Surviving Financial Infidelity
Surviving financial infidelity (which borders on deceit or dishonesty regarding financial matters) as a couple can be challenging. But with open communication, effort from both partners, and professional support, it is possible to survive and rebuild trust.
It may take time and patience, but working together as a team can help restore financial harmony and strengthen the relationship.
In most cases, you can prevent the chances of financial infidelity by practicing mentally sound financial practices in your romantic relationship from the very start. Consider the following tips to reduce the risks of financial infidelity:
- Practice open communication about finances
- Discuss financial values, including savings and investment strategies
- Set financial goals, long-term and short-term, together
- Create a budget and track spending to avoid overspending or debt
- Be transparent about financial information (including income, expenses, and debts)
- Consider seeking professional help, such as financial counseling, to improve financial literacy and decision-making skills
Therefore, prioritizing mental health, managing finances wisely, and fostering healthy relationships can positively impact overall well-being. Moreover, having a partner who practices good financial habits can lead to better mental health and financial stability. Seeking support from trusted sources can also be beneficial in navigating challenges in these areas.