A recent survey from national nonprofit American Consumer Credit Counseling reveals half of consumers have been financially unfaithful.
Boston, MA – February 11, 2015
When it comes to love and money, half of Americans admit they have committed financial infidelity and lied to their significant other about money, according to a recent survey conducted by national financial education nonprofit American Consumer Credit Counseling. The survey comes as millions of Americans are set to celebrate the love in their life this coming Valentine’s Day. The complete results of the survey can be found here.
“This survey reveals that when it comes to relationships, cheating can take on many forms, and they all can be devastating,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “Because people are so protective of their personal finances, couples have to remember that even a small white lie such as not telling a spouse about a purchase or a poor credit score can set-off feelings of deceit and anger.”
The online survey revealed that the leading cause of financial infidelity stemmed from not wanting their significant other to become angry, with 17 percent, and 14 percent of respondents indicated that they lied to avoid embarrassment about their financial situation.
Furthermore, the survey looked at how couples communicate when it comes to money and found that seven in ten married couples fight about money, while less than half of non-married couples fight about money. Surprisingly, children played no significant role in predicting fights among partners. Couples with and without children responded the same, with 62 percent of both groups admitting to fighting about money.
A large group of respondents, 40 percent, revealed they fight about money once a week, while 22 percent confessed to arguing about finances daily. In recent studies, money was found to be a leading source of arguments between couples and, in many cases, was the primary culprit in ending marriages. In fact, one recent study found that couples who reported disagreeing about finances once a week were over 30 percent more likely to get divorced than couples who reported disagreeing about finances a few times a month.
“I cannot stress enough the importance of having an open and honest discussion about money before getting married,” said Trumble. “It’s critical that couples know, trust, and most importantly accept their significant other’s financial situation and money behaviors before becoming legally tied to one another. From credit card debt to poor credit scores, married couples assume one another’s good and bad money history.”
In a similar 2013 survey from CreditCard.com that looked at the attitudinal differences between men and women, females were much more likely to end a relationship if they found out their partner was heavily in debt with 55 percent indicating they would do so, while only 37 percent of men cited debt as a deal breaker. Additionally, 70 percent of women stated they would break off a relationship if they found out their significant other lied about their ability to manage money.
“Male or female, there are clear consequences to lying or misrepresenting your personal finance situation and money management skills,” said Trumble. “When it comes to communicating about your finances, honesty is always the best policy.”
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.