Quarter hide their finances

Secret accounts and large debts

SNEAKY partners are keeping their lovers in the dark over the true state of their financial affairs by hiding bank accounts, debts and even lavish purchases from them.

New research from St George Bank has found friction over finances is not uncommon for many loved-up couples.

The data quizzed 1500 Australians and revealed one in four people is keeping a financial secret from their other half.

Their financial infidelity includes having a secret bank account (24 per cent), a large debt (22 per cent), hiding an expensive purchase (21 per cent) and having a credit card their partner does not know about (16 per cent).

Rising Tide Financial Services’ managing director Chris Browne said hiding finances from partners was a “lose” situation for everyone involved.

“Relationships are built on respect and honesty so that means careless overspending on gambling or shopping are the two biggies for us and secret bank accounts are a recipe for disaster in any relationship,’’ he said.

“Avoid it at all costs and make sure you share everything with your partner regardless of how bad it is.”

The research found one in four people admits money is a serious source of conflict in their relationship and the main reasons for bickering includes income stress, food and utility costs and their partner being reckless with their spending.

St George’s general manager, Ross Miller, said couples should always be open and honest about money, however, one in two people revealed they don’t share finances.

“We would encourage people to jointly go in together to their bank and have a financial health check and make sure they are working as a team,’’ he said.

The most common financial secret among females is carrying a large debt that they have failed to disclose while for males it was dads having a secret bank account.

Mr Browne said it was vital couples “get on the same page” and then work towards a financial goal with strict money management.

“This could be getting into your dream home for a young couple or perhaps working towards a dream holiday and they can be a great way to curb bad spending habits.”