Gen Z-ers lead the pack in Financial Infidelity

Among U.S. adults who are married, in a civil partnership, or living with a romantic companion, 40% are committing or have committed financial infidelity against their current spouse or partner, according to a new Bankrate survey.

Examples of financial infidelity include spending more than a spouse or partner would be okay with (33%), secret debt (23%), a secret credit card (17%), a secret savings account (15%), or a secret checking account (13%).

Younger generations are more likely to commit financial infidelity than older generations, the survey showed.

Specifically, about two-thirds (67%) of Gen Z-ers (ages 18-28) in live-in romantic relationships have committed or are currently committing financial infidelity. This is well ahead of millennials (54%; ages 29-44), Gen X-ers (33%; ages 45-60), and baby boomers (30%; ages 61-79).

Almost half (45%) of U.S. adults who are married, in a civil partnership, or living with a partner believe that keeping financial secrets from a romantic partner are as bad as or worse than physical infidelity.

That includes 38% who believe these practices are equally bad and 7% who say financial secrets are worse than physical infidelity. Comparatively, one-third (33%) say keeping financial secrets is not as bad as physical infidelity.

Gen Z-ers are the most likely to keep financial secrets and to say they are worse than physical infidelity.

Almost two-thirds (63%) of Gen Z-ers in live-in romantic relationships believe financial infidelity is at least as bad as physical cheating, while 51% of millennials, 45% of Gen X-ers and 36% of baby boomers in live-in relationships said the same.

Overall, more than 3 in 5 (62%) who are married, in a civil partnership, or living with a partner keep at least some of their money separate from one another.

This includes 27% who keep their money completely separate and 34% who have a combination of separate and joint accounts.

Nearly 2 in 5 (38%) rely exclusively on joint accounts with a spouse/partner. Notably, nearly 9 in 10 (88%) Gen Z-ers in live-in romantic relationships keep at least some of their money separate from their partner, substantially more than millennials (70%), Gen Xers (59%) and baby boomers (52%).

Additionally, 46% of Gen Z-ers and 41% of millennials who are married or living with a partner keep their money completely separate from one another, compared to just 26% of Gen X-ers and 15% of baby boomers.