TD survey shows many keep their loved ones in the dark about their finances
Millennials are talking more to their partners about finances but that hasn’t stopped them keeping some dirty financial secrets.
Communication between partners has improved over recent years according to a new survey from TD Bank but almost half of respondents said they are hiding debts from their loved ones.
The survey of 1,753 people in the US who are married, in a committed relationship, or divorced, reveals that 27% of millennials currently keep a financial secret from their partner, more than other generations.
When it comes to debt, 43% of all age groups and 48% of millennials are hiding ‘significant’ credit card debt from their partner.
But millennials aren’t the only ones to avoid full disclosure of their financial situation. Almost half of Baby Boomers and the Silent Generation (over 73) have a secret bank account.
Older respondents were also more likely to continue hiding their finances (more than 8 in 10) compared to Millennials where 55% said they intend to come clean to their partners within the next year.
"It's important that couples are honest and open about their money challenges. Often times a partner will hide a credit card bill or low score due to guilt or embarrassment, yet when the debt comes to light it's often not the debt that creates the conflict - it's the secrecy," said Rachel DeAlto, relationship expert, coach and television personality. "If you want to maintain trust with your partner, own it and create a plan to improve your financial situation."
Talking more
Among Millennials, 94% said they talk about their finances at least once a week. But they are also more likely to argue about finances than other generations.
Asked about rewarding their children with money, men (70%) are more likely to than women (48%) to reward their child with money.
Women are twice as likely to say that their love for their child would sway their money decisions (23% of women versus 12% of men) but men (16%) were more likely to say their spouse would influence their money choices.
