How to avoid, prevent 'financial infidelity' in your relationship

Bankrate Senior Industry analyst Ted Rossman joins Wealth to discuss how couples can avoid financial infidelity in their relationships. According to Rossman, secret spending is the most common form of financial infidelity, followed by hidden debt and concealed credit cards or bank accounts. He explains that people often hide financial matters because "they feel ashamed about the way they handle money" or they're seeking independence, noting "it's hard for people to mesh those money personalities." Rossman advocates for the "yours, mine, ours" approach to money management. This strategy allows couples to be transparent about joint expenses while maintaining some financial independence. "Increasingly, people are craving some sort of financial separation, even within a relationship," he states, citing that 60% of couples maintain separate accounts. Rossman emphasizes transparency as the key distinction: "It's financial infidelity when it's a secret." He stresses the importance of open communication, adding that couples should discuss "not just where it's going today but also where you want it to go in the future." To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Angel Smith