In a recent survey, it turns out that when it comes to deception in Canadian couples, money—not infidelity—is the big issue. The study revealed that the deeper the commitment in a relationship, the more likely it is that partners will come clean about their spending. On the flip side, those in more casual living situations are less inclined to be honest about their financial habits.
The survey, conducted by Torque Customer Strategy on behalf of Credit Canada and Capital One Canada during Credit Education Week 2009, highlights that many Canadian couples are purposefully hiding their spending habits from each other. One common way to keep financial secrets is by using hidden credit cards.
Interestingly, there’s not much difference between men and women when it comes to financial deception. The survey found that 19% of men and 22% of women admitted to keeping debt a secret from their partners. When it comes to lying about how much they’ve spent, 31% of women and 27% of men confessed to being less than truthful.
The survey also revealed that partners who don’t control the household finances are 55% more likely to hide debt from their significant others, leaving the one managing the budget somewhat in the dark.
Couples who are married or in serious, committed relationships seem to be the most transparent about their finances. Only 19% of married couples admitted to hiding debt, compared to 25% of common-law couples. For those living together but not married, the number jumps to 35%, indicating that financial dishonesty is more common in less formal arrangements.
Despite these concerning findings, two-thirds of couples entered their relationships by openly discussing their finances. However, this still leaves a significant number of partners who might face some unpleasant surprises in the future.
The survey’s main takeaway is clear: financial secrecy is prevalent among Canadian couples, with many hiding large purchases and the resulting debt from each other. Full financial transparency is essential for a successful relationship. Without it, it’s no surprise that many relationships end up struggling once the hidden money troubles come to light.
