Study: 1 in 20 Americans guilty of financial infidelity - WNEM TV 5

Study: 1 in 20 Americans guilty of financial infidelity

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A new study found several people are prone to cheat on their significant others financially.

According to about one in 20 people admit they have committed financial infidelity by hiding a secret bank account or credit card from their significant other.

"Any time you have secrets it builds a wall in a marriage," said Teresa Laurell.

She has been married for more than 40 years and said being honest about finances is crucial for the health of a marriage.

"I think you need to have things together. You might have your own account and that is OK, but each other should know about it," Laurell said.

John Gardy, financial advisor, said secret accounts could mean big trouble for couples.

"Well, I think it would be a problem relationship wise, accounting wise, tax wise. Are they reporting wise? Are they reporting it as income," Gardy said.

He said he has been in business for more than two decades and has more than 200 clients. He said he has never met a client who admitted to having a secret account.

The survey suggests it's possible about 13 million Americans have secret accounts, even checking, savings or hidden credit cards.

Gardy said he doesn't believe it's common, but it is something to look out for.

"I think it goes back to the trust issue. If someone is hiding something from someone, what is the reason," Gardy said.

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