(NewsNation Now) – There are plenty of ways to cheat. You can cheat in a case that you have physically. You can cheat emotionally and you can cheat financially.
About a third of Americans with a significant other say they have committed financial infidelity, according to a new survey from CreditCards.com.
According to the results of the survey, among married couples in PACS or living together:
- 25%, or one in four, say they have credit cards, checking accounts or savings accounts that their partners are unaware of.
- 15% say they spend more than their partners would approve.
- 9% say they have a secret debt.
“It’s definitely a big deal for a lot of people,” said Ted Rossman, senior industry analyst at CreditCards.com, during an appearance on “Morning in America.” “In fact, 42% say physical cheating and financial cheating are equally bad. 11% say financial cheating is actually worse.
The survey results show that a number of people consider it worse to cheat with money than to physically sleep with other people.
“I think that shows how important personal money is to a lot of people,” Rossman said. “It really hurts.”
Rossman said communication really is key and couples need to talk better about money and be open about financial details.
“It’s hard enough to achieve your financial goals when you’re on the same page,” he said. “And it’s almost impossible if someone is hoarding money or just doing their own thing on the side.”
According to the survey, the permutations of financial infidelity also depend on which generation you belong to.
Even though money has always been one of the top three things couples fight over, the poll shows that keeping money a secret from partners is higher among Gen Z and Millennials.
About 61% of Gen Z and 48%, or nearly half of millennials surveyed, say they haven’t been financially honest.
“I think part of that is because these relationships are in their early stages,” Rossman said. “But I also think it goes deeper than that. I think, especially among young adults, they want more independence with their money.
Today’s young adults marry later, are more likely to be in dual-income households, according to Rossman.
“I think a lot of people think well, hey, I work hard for my money, I should be able to do whatever I want,” he said.
Many young adults also grew up with divorced parents, and they remember what happened when mom and dad broke up. For this reason, they keep their own secret kitty in case the relationship doesn’t work out.
In fact, most couples have separate money.
“I think yours, mine and ours can work,” Rossman said. “The key though is that you have to recognize it.”
“So if you and your spouse are each saying, ‘Hey, we’re going to get a certain dollar amount, or a certain percentage of each paycheck, that’s up to us. No questions asked. I think that’s totally fine,” Rossman said.
Communication is essential because couples must agree on the parameters.
“You can’t let somebody do their own thing and keep the money secret,” Rossman said.
Watch the full interview with Ted Rossman in the video player at the top of the page.