Nearly One-Fifth Of Americans Are Hiding A Financial Account From Their Partner

You don't have any financial issues to hide from your partner... do you? According to a recent survey from CreditCards.com, almost 1-in-5 of us does.

The survey found that 19 percent of Americans have at least one financial account that they hide from their spouse or live-in partner — either banking or credit card accounts.

The true number of cheaters is likely higher—why expect 100 percent of people who would lie to their partner to be completely truthful with a survey that asks about cheating habits, confidential or not?

These people may rationalize their behavior by saying that their cheating is only financial, not physical in nature, but that doesn't fly with most Americans. Approximately 35 percent of respondents believe that financial cheating is just as bad as physical cheating, and 20 percent think financial cheating is worse.

Still, the survey data shows an unusual level of tolerance. Only 2 percent of respondents would break up with their partner after discovering $5,000 in secret debt on a credit card, and 16 percent of respondents said they wouldn't care much or at all.

Millennials are almost twice as likely to keep secret accounts, at 28 percent compared to 15 percent for older groups. As the generation is most adept at using technology, it may just be easier for millennials to hide accounts. The reason behind this behavior may also lie in their experiences.

Many millennials came of age during the Great Recession and struggled financially during their early adult years. They may simply enjoy the added freedom of being able to spend whatever they want, whenever they want.

Millennials might also be slower to trust others in sharing financial resources due to increased student loan debt and a general aversion to credit.

Why keep a separate secret account? Reasons could range from gambling addiction and overspending to concern about family savings — but the bottom line is a disagreement on how money should be saved and spent.

It's fine, and potentially healthy, to keep separate financial accounts in a relationship. You have privacy and some latitude to spend as you like without your partner's approval. Keeping those accounts a secret, or lying about the status of those accounts, is not healthy. Maybe you're just assuming your partner would disagree with how you use your separate account. How do you know unless you talk about it?

It's up to each couple to decide how open they want to be with their finances, and whether secrets are acceptable. However, keeping secret accounts leads to budgeting uncertainty and potential problems with excessive debt — not to mention issues of trust. If you'll hide a financial account or credit card from your partner, what else are you willing to hide?

Credit cards can be an effective way to manage money, improve credit, earn points, and travel with perks if used the right way. Benzinga's personal finance staff provides tips on using credit cards effectively.

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