Men are More Likely to Have Financial Secrets Than Women, Study Finds
A recent survey by WalletHub, a personal finance company, found that men are significantly more likely than women to keep financial secrets. The study, which involved 220 Americans nationally, found that 77 percent more men have financial secrets compared to women. Additionally, 58 percent of Americans overall admitted to having financial secrets.
The survey found that men were more likely to keep secrets about expensive electronic purchases, spending on alcohol and gambling, while women were more likely to hide clothes and cosmetic shopping hauls, as well as gifts for people other than their partner. In terms of why people keep financial secrets, respondents cited reasons such as a need for financial privacy, a desire to control their own finances, or embarrassment about their money management habits.
It was also found that even when married, 31 percent of Americans believed that it was sometimes necessary to keep financial secrets from their partner. Furthermore, over 10 percent of Americans felt that their partners did not have a right to know how much money they have, and the same proportion felt that if their spouses had a debt, they wouldn’t help them pay it off.
In terms of the consequences of financial infidelity, 53 percent of respondents said they would break up or get a divorce over financial problems. Additionally, more than 10 percent of Americans saw financial infidelity as worse than emotional or physical infidelity.
It’s worth noting that a separate study by Edelman Financial Engines found that 67 percent of Generation Z participants, 57 percent of millennials, and 34 percent of Generation X had kept financial secrets from a partner. Overall, the study highlights the importance of transparency and open communication in relationships, and suggests that financial infidelity may be a more significant problem than previously thought.