Financial Secrets Among Men
According to new research, half of the men in a survey of 2,000 kept financial secrets from their spouses or partners. Among those who are married or in a dedicated relationship, 49% admitted to hiding money-related secrets.
Types of Financial Secrets
The most common secret was a hidden savings account, with 14% of men admitting to this. Other secrets included hiding expenditure habits (13%) and having a credit card or credit line (12%) that their partner was unaware of.
Reasons for Keeping Secrets
Many men said they kept secrets because they were afraid of being judged (27%) or ashamed (26%). One in five (19%) simply did not know how to bring it up with their partner. This secrecy seems to be a result of the pressure to be financially successful, which 48% of the men surveyed admitted to feeling.
Pressure to be Financially Successful
Of the men who felt pressure to be financially successful, 56% said it came from themselves, while 27% felt social pressure to be successful. This pressure can have a significant impact on mental health, as the survey found a strong correlation between low financial health and low mental health.
Connection Between Money and Mental Health
The survey, which was conducted by Talkers Research and commissioned by Beyond Finance for Men’s Mental Health Month, examined the connection between money and mental health. The results showed that men who rated their financial health as poor (1) also had the lowest mental health (average 2.8). Conversely, those with the highest financial health (5) had the highest mental health (average 4.6).
Hesitation to Share Financial Situation
Despite the importance of financial health, many men are hesitant to share their financial situation with others. Less than half (41%) said they would speak to their partner about their finances, while a quarter (23%) would talk to a financial professional. This hesitation can lead to feelings of isolation, with 40% of men saying they feel isolated from friends due to financial insecurity.
Impact on Relationships and Mental Health
The survey found that financial fear and secrecy can have a significant impact on relationships and mental health. Shame, secrecy, and silence can harm not only personal finances but also relationships, careers, and mental health. It is essential for men to feel comfortable seeking help and building both financial and emotional resilience.
Breaking the Silence
Experts encourage men to open up about their financial situation and seek help when needed. It is not about being perfect, but about being honest and building a healthier, more hopeful path forward. By breaking the silence and seeking support, men can improve their financial health and mental well-being, leading to stronger relationships and a more fulfilling life.
