43% of adults have cheated on their partner financially. These are the reasons and so you can overcome it

Carmen Reinicke -

Have you always been financially faithful in your relationships?

If the answer is no, you are not alone.

About 43% of adults who share their finances in a relationship disclosed having committed an act of financial deception, according to a survey by the National Endowment for Financial Education.

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Financial deception ranges from lying to a partner or spouse about money to hiding cash, bills or a purchase, according to the report.

The survey of more than 2,000 adults was conducted online by The Harris Poll in June.

Money is often a source of stress in relationships and is even one of the main causes of divorce.

This may be because it is a difficult subject to tackle.  

"As a society, we talk about money assuming that everyone starts in the same place in terms of understanding, and that is very false," explained Billy Hensley, president and CEO of the National Endowment for Financial Education, adding that this can do make discussions about debt, saving, and spending more awkward.

"At the bottom of this is that we don't provide enough financial education in schools or anywhere else for people to have the confidence to address these issues early on," he said.

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Why do people commit financial infidelities

The survey revealed that most cheating occurs for several main reasons.

38% considered that some aspects of money should remain private, 34% had discussed finances but thought their partner would disapprove, and another 33% were too afraid or ashamed of their finances to talk about it.  

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Of the couples who have been financially cheated, 42% said it had resulted in a fight.

Others said the event eroded trust and privacy, led to the separation of finances or caused the end of the relationship.

Some respondents were able to use a financial infidelity to strengthen their relationship: 19% said they were closer afterward, and 16% said cheating helped them communicate more proactively.

Talk to your partner or spouse about money

If you've been in financial infidelity, it's probably best to open up to your spouse or partner as soon as you can, according to Hensley.

In this way, you can solve the problem together.

"Maybe it's time to recalibrate your financial relationship and say, 'You know what, this hasn't worked out too well for us, is there a way to do this that's better for us?" Hensley suggested.

It may also be a good idea to work with a therapist or accountant to have a neutral third party who can help you talk about money, Hensley explained.

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To avoid financial problems in a relationship, couples should discuss how they would like to combine - or not combine - their finances before doing so, or before deciding to cohabit.

It is important for people to realize that there is no one way for couples to manage money.

Some experts recommend that engaged couples keep some aspects of their finances separate.

For example, Suze Orman, a personal finance expert and host of the

podcast

, has never had a joint bank account with her partner of more than 20 years.

"You have to have money of your own, the last thing you want is to have to ask for permission," Orman said.

"You can have a joint account, for common expenses, but then everyone needs their own individual account," he added.

Couples should also discuss their financial goals and make sure they are on the same page - and check back regularly to track their progress as they work toward those goals.

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"If you have shared goals and have talked about sharing how to cover your bills and so on, it takes a level of pressure off to be able to start your relationship or to be able to heal within your relationship," Hensley concluded.

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