New research from Compare the Market found that around one in five Australians are financially unfaithful to their loved ones.
Of the 21% who admitted to lying to their partner or family about their finances, 33% reported being dishonest about what they spend money on.
Compare the Market spokesperson, Sarah Orr said that money has become a sensitive topic with couples due to fear and stress exacerbated by the cost of living.
“The cost of everything from insurance to energy bills, petrol and groceries has gone up and that’s added pressure on relationships where finances may be a concern,” Orr said.
“There can be a lot of shame and guilt opening up about these issues but we know that being dishonest can cause more harm in the long-term, especially where debts are allowed to snowball.
“If you share a bank account, mortgage, split bills or pay rent with a loved one, you shouldn’t be keeping them in the dark.”
People surveyed reported being most dishonest about how much debt they're in (25%) and how much they spent on coffee or takeaway (24%).
Respondents were also dishonest about gambling, alcohol and clothing spending as well as how much they earn.
Orr encouraged people to open up conversations surrounding money with loved ones and financial professionals.
“If you’re falling behind on your bills, you can contact your bank, insurer, energy retailer or utility provider, and ask to go through your options,” she said.
“It’s not a good idea to take out additional debt or loans to cover your existing debts, as high interest rates on these accounts risk pushing you even further into debt.
“And, if you are looking to purchase a home with a partner down the track or take out a personal loan, things like gambling, credit cards and debts could hinder your chance of getting approval, as you may be seen as a riskier borrower.”
This survey comes just under a year after research from Finder revealed that many Australians consider financial infidelity worse than adultery.
Australians can access free financial counselling via the National Debt Helpline on 1800 007 007.
