March 2024

55 54 Warning signs of Financial Infidelity With interest rates climbing again, many people are feeling the pinch of skyrocketing credit card debt. And a recent US survey shows that young adults the most affected. A British charity has said that the number of 18- to 24-year olds who need help managing money has doubled since 2019. So, it seems understandable that new data reveals that young people are more likely to keep financial secrets from family or partners. In fact 42% of people in the survey admit to financial infidelity, and younger people are more likely to confess to at least one instance of it. So what is financial infidelity? The word infidelity is normally about someone having an affair. But financial infidelity is when you hide or misrepresent financial information from others who have a right to know. It can occur in any relationship with shared financial responsibility or joint decision-making around finances. This means it is not just about your partner. It can include relationships with housemates, business partners, or family. An example could include hiding misuse of the money parents give to support their child in college. The key element of financial infidelity is a breach of trust. The good news is that people can change this. Honest communication is key to moving forward. Transparency about budgets and debt repayments is essential. It is often about resetting boundaries to regain trust. This takes bravery, but it is an important part of a healthy relationship.

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