Financial
Infidelity?
What is it??
By Jason A. DeJean
FCSI®, PFP®, CFP®, CPCA®, EPC®
When I first look at this topic I was dumbfounded, I've heard of infidelity but not in the context of finances. Could this be just as bad?? A quick google searched revealed that it was a hot topic and well covered. The Financial Planning Standards Council which governs Certified Financial Planners had recently published a great article and survey covering the issue.
To start off, let's get some context for the discussion. The definition of infidelity is ‘the action or state of being unfaithful to a spouse or other sexual partner.” In the context of finances, financial infidelity is “is the secretive act of spending money, possessing credit and credit cards, holding secret accounts or stashes of money, borrowing money, or otherwise incurring debt unknown or unwilling to one's spouse, partner, or significant other.” Two different definitions but both relate to trust. Imagine betraying someone’s trust in any capacity? That is what I think would hurt the most.
The study touched on just how many people are affected by this; I found the numbers staggering.
1. 34 percent of those in a relationship keep financial secrets from their current romantic partner.
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