18 min
Financial Infidelity FinTalking
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- Investing
In this episode we consider the spectrum of financial infidelity, from innocent indiscretions to the darker elements that can stray into another world of financial abuse.
SHOW NOTES
00:27 Financial infidelity is the act of spending money, possessing credit cards, holding secret accounts or stashes of money, borrowing money or otherwise incurring debt without the knowledge of one's partner, spouse or significant other. 04:27 It could run away and become something quite meaningful, which almost becomes more like financial abuse. 06:45 There is a correlation to domestic violence, which is really scary because if you're in an abusive relationship and you need to exit, you need money.07:55 99% of domestic violence cases involve financial abuse. It's a real problem. 10:00 If possible retain some financial independence, if you have to take time out of the workforce try to stay connected, because then if you need to re-enter, it's potentially easier.12:08 It's a gender issue as women are more susceptible to the adverse consequences of all of this. 12:55 Sharing key Financial tasks (like doing your taxes together) can be a means of making sure both parties are on the same page when it comes to finances. 13:30 In situations of financial abuse, people don't have access, don't have control, don't even know what their financial situation is.13:58 There's this book The Diversity Bonus and it talks about the benefits from the differences in how a group or a couple think about problem solving. 15:15 Around a third of people think that financial infidelities are actually worse than a physical infidelity.18:00 Financial literacy is low and shining a light on these types of elements of finance is so important for all of our well-being.
In this episode we consider the spectrum of financial infidelity, from innocent indiscretions to the darker elements that can stray into another world of financial abuse.
SHOW NOTES
00:27 Financial infidelity is the act of spending money, possessing credit cards, holding secret accounts or stashes of money, borrowing money or otherwise incurring debt without the knowledge of one's partner, spouse or significant other. 04:27 It could run away and become something quite meaningful, which almost becomes more like financial abuse. 06:45 There is a correlation to domestic violence, which is really scary because if you're in an abusive relationship and you need to exit, you need money.07:55 99% of domestic violence cases involve financial abuse. It's a real problem. 10:00 If possible retain some financial independence, if you have to take time out of the workforce try to stay connected, because then if you need to re-enter, it's potentially easier.12:08 It's a gender issue as women are more susceptible to the adverse consequences of all of this. 12:55 Sharing key Financial tasks (like doing your taxes together) can be a means of making sure both parties are on the same page when it comes to finances. 13:30 In situations of financial abuse, people don't have access, don't have control, don't even know what their financial situation is.13:58 There's this book The Diversity Bonus and it talks about the benefits from the differences in how a group or a couple think about problem solving. 15:15 Around a third of people think that financial infidelities are actually worse than a physical infidelity.18:00 Financial literacy is low and shining a light on these types of elements of finance is so important for all of our well-being.
18 min