Market research firm, YouGuv conducted a study for the insurance company Haven Life. They surveyed more than 1,100 people who were asked “What amount of hidden debt in a relationship would lead you to break up with someone?” For 70% of respondents 5,000 would be a deal breaker. One in five of those surveyed admitted to having debt that their partner does not know about—yet some of these same people would dump a partner for the same thing. Very interesting.
“Financial infidelity” appears to be alive and well—as a couples therapist I see my fair share of it. According to various surveys about one in five people in a relationship admit to spending $500.00 or more without their partner’s knowledge; and others admit to hiding bank statements, bills and cash from their partners. It’s clear money is an issue and flash point for couples and they apparently fear coming clean about their spending habits and financial health and habits.
The good news is that if you are frugal, you will be more attractive to potential partners. This could actually be a focal point in an online dating profile. A study conducted in 2013 found that people were more attracted to a picture of someone once they knew they were a saver and not a spender—talk about foreplay.
When couples split, money is often a key issue—who gets what, who did what with joint money during the relationships, who paid for what, etc. The bottom line? Check out their financial status before jumping into commitment. Suggest you exchange credit scores with a “Show me yours and I’ll show you mine.” Money matters, no matter what you hear to the contrary.