31 Percent of Americans Admit to Committing Financial Infidelity

By January 13, 2011Divorce

On behalf of The Marks Law Firm, L.L.C. posted in Divorce on Thursday, January 13, 2011

There are more ways than one to cheat on your spouse. While sexual infidelity remains the most commonly known, the term “financial infidelity” has begun appearing in divorce proceedings across the nation. Failing to disclose income, bank accounts or debt are just some of the ways in which a spouse can commit the deceit.

Infidelity, even financial, can place a serious amount of strain on a relationship. It can break the bond of trust, can interfere with feelings of intimacy and can seriously hurt the faithful spouse’s self-esteem. Although the term may be new, according to a Harris Interactive online poll, it may be much more common than one may think.

According to the online poll of 2,019 adult participants, 31 percent admitted to being the perpetrator of financial infidelity and another third reported being a victim. Of the people that participated in the survey, 16 percent said that the monetary deceit committed by their partner actually led to a divorce. Approximately half of the participants said that infidelity led to at least one argument or lessened the level of trust.

Hiding cash was the most common form of deceit with 58 percent of those surveyed admitting to the act. Other acts that made the top of the list included failing to disclose a major or minor consumer purchase, hiding a credit card statement or other kind of bill and keeping secret the existence of an additional bank account.

Forbes.com commissioned the Harris Interactive poll in partner with the National Endowment for Financial Education and reported “Financial infidelity may be the new normal.”

Source: Reuters “Three in 10 Americans commit financial infidelity?” Daniel Trotta and Patricia Reaney 1/13/11