Men More Likely to Keep Financial Secrets Than Women, Study Finds
A new study by WalletHub has found that men are more likely than women to have financial secrets. The online survey of 220 Americans found that 77 percent more men have financial secrets compared to women. In total, 58 percent of Americans said they have financial secrets, with 1 in 4 people admitting to lying about money all the time.
The secrets kept by respondents varied widely, with common examples including large purchases, income, savings, credit score, debt, job status, and inappropriate purchases. According to the survey, the most common financial secret is lying about large purchases, followed by income and inappropriate purchases.
A separate study by Edelman Financial Engines found that men are more likely to keep secrets about expensive electronic purchases, spending on alcohol and gambling, while women are more likely to hide clothes and cosmetic shopping hauls, as well as gifts for people other than their partner.
Despite the prevalence of financial secrets, the majority of respondents in the WalletHub survey believed that it was sometimes necessary to keep secrets about one’s finances. Even when married, financial secrets were seen as occasionally necessary by 31 percent of Americans, and a partner was the most common person that respondents had lied to.
Financial infidelity was also seen as worse than emotional or physical infidelity by more than 1 in 10 Americans, and 53 percent of respondents said they would break up or get a divorce over financial problems.
Outside of romantic relationships, the survey found that 41 percent of respondents had lied previously to their parents about money. The study also found that rates of financial infidelity varied across generations, with older generations being less likely to have financial secrets.