Millennials keeps money from their partners, but not all, just 50% of them.

Millennials keeps money from their partners, but not all, just 50% of them.

50% of millennials hide a large amount of money from their partners: they hide the following things.

If you pull in different directions, it's almost impossible (to achieve the monetary goal).

According to a recent survey by Bankrate and CreditCards.com, the survey surveyed nearly 2,500 American couples in January to find out the financial secrets they concealed from each other.

Although millennials are the biggest criminals, they are not alone. Nearly half (44%) of the generations of married or partnered couples admitted to financial infidelity against another generation of them. About 41% of the Xers generation have been admitted, and 33% of the baby boomers have also said so.

Ted Rothman, an analyst at Bank of Bankers, said it's important because it's difficult to achieve your financial goals when you work together. It's almost impossible if you pull in different directions.

American secret of money

According to the comprehensive investigation, the biggest secret is expenditure. One in ten respondents said they spent more money than their partners. The second secret is debt, with 11% saying they have some hidden balance or are repaying the expenses. Another 9% admitted to owning undisclosed bank accounts, and 7% said they held secret credit cards.

It doesn't seem like this, even secret savings can be harmful. Roseman said. He said that this is basically a secret can of funds that they can take away... It assumes that your relationship will not last. That money has a chance to be spent. It may best be used to pay off expensive credit card debts or save for retirement or children's college education.

The most common reason for confidentiality is privacy. Three-tenths of pollsters said they "hope to control my own finances". A small number of people (25%) said that money secrets "have never appeared" or that they "never felt the need to share". Another 23% said they were ashamed of how to deal with finance. The same person said they didn't believe that their partner was rich.

Roseman said it's better to talk about money openly with your partner, but if both parties agree to these parameters, it is feasible to keep some privacy. Many couples like the method of "you, me and us". Therefore, if you decide to get a certain percentage of each salary per person as you want, you don't ask any questions, as long as it is mutual and suitable for your budget, this can be a reasonable solution.

What doesn't work, he said, is when one or two partners steal money or spend money without each other's knowledge. When you are in a loyal relationship, your economic life is intertwined. Even if you keep some privacy, you have a common family bill and money target.

It's difficult to achieve your financial goals when you work together. It's almost impossible if you pull in different directions.

The epidemic has contributed to financial infidelity.

Monetary infidelity is not a new phenomenon, but some experts believe that the epidemic has made the problem worse. Nearly 80% of the respondents said they had kept financial secrets on their partners in 2020.

Considering that the epidemic has made many financial transactions beyond the control of Americans and led to financial changes, they may be ashamed of disclosure. According to Clive statistics, more than half of Americans (54%) said they missed at least one bill last year. An estimated 46 million adults in the United States have exhausted emergency savings since March. As of November, the average debt of the United States had been deeply reduced by $7,512. 

The combination of monetary pressure and changes or tensions in the relationship between partners is the perfect secret of financial infidelity. Pacific Stoa Financial Wellness's financial coach Morrel told CreditCards.com. She said that the potential financial barriers of many of her own clients were exacerbated by unemployment, wage cuts and other economic troubles caused by the epidemic.

Don't cheat financially in the money struggle, but communicate openly with your loved ones. Honesty can bring accountability and help you achieve the milestones you have been pursuing.

Christian Okiff Merrick, financial adviser to O'Keeffe Financial Partners, told CNBC Make It that money communication is very important in long-term relationships. I've seen several cases of economic irresponsibility and infidelity that undermine relations. If it's difficult for you to communicate with your partner, I suggest hiring a third party.

It may be uncomfortable to discuss money, "but we have to do this," Roseman added. Put all these cards on the table before you get married. I think even before you start living together. Continue to discuss informal monetary dates, perhaps once a month or two months. Everyone has different goals, but the most important thing is to be consistent with your partner and make sure that your money flows to where you want.