1 in 6 Canadians keeps financial secrets from their partner

by Steve Randall on 06 Feb 2020

Millions of Canadians could be facing future financial challenges due to secrets kept by their partners.

Financial infidelity has been identified in 1 in 6 respondents to a survey by rates.ca and that means hidden debt, poor credit scores, or spending are prolific.

Among younger Canadian adults, 30% admit financial infidelity and the report warns this could cause issues later on.

"Hiding a poor credit score or a large sum of debt can have consequences in the future. Especially for partners buying their first home or financing a car. Being transparent and taking the right steps to manage debt or correct poor credit can prevent disappointment and further financial woes," said Sara Kesheh, Vice President, Money, Rates.ca.

Three in ten (31%) Canadians are hiding purchases they make from their significant other. Almost one-third are concealing their poor credit score, 21% have hidden cash, 14% have hidden bank accounts, and 10% have a secret line of credit or a long-term loan.

Of those in a relationship, 47% say the value of their financial secret is at least $1,000.

Married or separated couples are more likely to have financial secrets below $1,000, at 46% and 53% respectively.

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