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Couples with Money Secrets Are 11 Times More Likely to Break Up

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September 30, 2019 | By Bill Hardekopf

According to a new study from Policygenius, one in five people in a relationship think their partner is bad with money. Moreover, people with financially irresponsible partners were 11 times more likely to break up than those with sound financial practices.  Couples with Money Secrets

Money secrets, otherwise known as financial infidelity, is a proven deal breaker for relationships. Last year, one survey found that 31% of couples considered financial infidelity worse than physical infidelity. Policegenius found 20% of people in a relationship will spend $500 without telling their partner, and 12-13% have a secret checking account, savings account, and/or credit card account.

On the flip side, 19% of respondents said they would not spend any money at all without telling their partner. An additional 37% said their untold spending caps at $100; any amount above that warrants a discussion.

While 70% of participants knew their partner’s income, only half knew their monthly spending habits or credit score. As for managing the household finances, 43% said they manage money together, while the remainder either manage it separately or have one person taking control of the funds.

The vast majority of couples (70%) said money does not influence their relationship, but money problems are the second leading cause of divorce in America. At a minimum, couples should be open about large purchases they plan to make, especially if it involves a debt. Research from American Consumer Credit Counseling found 55% of women and 37% of men would leave their partner if they discovered a large sum of hidden debt.

American Consumer Credit Counseling (ACCC) offers consumer credit solutions ranging from debt counseling and debt consolidation relief, to pre-bankruptcy counseling and post-bankruptcy debtor education. If you are seeking debt consolidation options, ACCC offers a simple and effective consolidation program that's more prudent and beneficial than a debt settlement solution or taking out loans for debt consolidation. For personalized credit counseling advice and to learn about the best way to consolidate debt, contact an ACCC credit advisor today.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member