Creating contingency plans with couples can prove to be a test of their financial honesty and transparency in the relationship. Financial infidelity shows up in secret bank accounts, debts, and purchases.
According to a recent article in Reuters, Gen Z (63%) and Millenials (54%) are much more likely than Gen X or Boomers to keep financial secrets. And they don’t necessarily consider it as keeping secrets.
The earliest lesson I received in financial infidelity was from my great-grandparents.
My great-grandmother lived next door to me, growing up in West Philly. Her husband had died before she moved next door. Anytime her husband was mentioned, Flossy, my great-grandmother, became furious.
After Flossy’s husband passed, the local Savings & Loan branch alerted her that he had a savings account in his name only. This was a secret saving account for his retirement spending money because Flossy kept a tight reign on the household purse strings.
Both people may have excellent reasons for their point of view. The challenge arises when lines of communication break down.
Nowadays, couples can work with a Financial Therapist to work through challenges and work towards getting on the same page.
What’s one technique you use to keep open lines of financial communication in your relationships?