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What is financial infidelity?

Did you hide the expensive pair of shoes you bought? You are probably a financial cheater

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Infidelity is one of the main reasons couples and marriages break up since there is a loss of trust in the face of the unfaithful partner. However, there is a more common and less talked about the type of financial infidelity: financial infidelity.

According to a study by the University of Notre Dame of the United States, financial infidelity refers to "carrying out financial behaviors that a partner would disapprove, so they are intentionally hidden."

Therefore, if you hid that new pair of shoes or the weekend bill with your friends, it is likely that you are a financial cheater, a relatively common economic problem among married couples, or living together. How does financial infidelity manifest itself?

Financial infidelity happens when one or both partners deliberately decide to hide payments from their spouse because the expense in question could cause conflict.

According to the University of Notre Dame, this behavior usually occurs among couples where one of the members is more thrifty. Where spending limits are established, one of the parties is unwilling to comply.

In Mexico, a study by the financial firm Solve your Debt found that 47% of the people surveyed consider men more financially unfaithful than women. However, it also determined that men are more willing to show their account statements to their partners than women.

TYPES OF FINANCIAL INFIDELITY

Although in general, the term financial infidelity refers to people who hide their economic movements from their partners, there are different ways in which it manifests itself as:

-Have a credit card without the partner knowing it.

-Keep a private savings account.

-Make purchases and expenses that exceed the limit established by the couple.

-Use discreet payment methods that leave no trace.

According to experts, financial fidelity does not mean that the couple must keep control of money, but that joint and individual expenses are established based on a mutual agreement that is respected.

CONSEQUENCES OF FINANCIAL INFIDELITY

According to the survey conducted by Solve your Debt, 70% of people considered that marriage is likely to end due to money problems. It was found that couples fight over financial issues an average of three times a week.

Because of this, specialists point out that financial infidelity is a breaking factor between couples, so the handling of money in a relationship and financial capacities should not be taken lightly individually and as a whole.

Traducción: Valentina K. Yanes