Are you guilty of committing financial infidelity? – Pocketful of Dirhams
Dr Sanjay Tolani, chief executive of multi-family advisory firm Goodwill World, shares his thoughts on why it's important to be honest about money
It’s all very well to keep your personal finances to yourself when you are single. But what happens if you continue this habit when you are married?
Financial infidelity can have a devastating effect on a marriage and create huge trust issues between couples if one of them is not honest about money.
From hiding purchases to having a secret bank and credit card account or taking out a loan without their spouse knowing about it are just a few examples of financial infidelity.
In 2020, a survey by creditcard.com found that financial infidelity in marriages is on the rise, with 44 per cent of US respondents admitting they kept money secrets from their spouses.
However, experts say there are a few red flags to help you recognise when your partner might be keeping money secrets from you.
These can include emotion-charged conversations when the topic of money is raised, finding bank or credit card statements you know nothing about, being removed from a joint bank account or if they suddenly appear to be flush with cash.
But it seems that you are more likely to commit financial infidelity according to your age. Another survey conducted by creditcard.com in February this year found that millennials are more likely to commit some form of financial infidelity with their partner than Gen Xers and Baby Boomers.
So how do couples ensure they remain financially faithful? Communication is key, experts say.
Host Felicity Glover is joined by Dr Sanjay Tolani, the chief executive and managing director of multi-family advisory firm Goodwill World, who shares his thoughts on why it's important to be financially faithful in a marriage.
Listen to last week's episode on what borrowers have learnt from five years of The Debt Panel:
Published: May 18, 2021 07:00 AM