Shopping behind your partner’s back?

If you're spending money in secret, you're not alone. Australians are forking out over $11 billion a year on sneaky purchases.

What tall tales have you told your other half recently to keep your secret spending on the down low? You know, that outfit you wore Saturday that you said your mum bought you ages ago, or those sneakers you hid in the car for weeks which you insisted you got last winter but just forgot about?

According to research, one in five Australians is spending money in secret, with clothing topping the list, followed by gambling, junk food and cigarettes.1

We look at who’s spending in secret, which couples have more transparency due to joint accounts, and how habitual secret spending can impact relationships as well as household finances.

Who’s shopping in secret?

On average individuals are forking out around $2,713 a year on purchases they’re hiding from their partner, with 44% using cash to do this, 26% using credit cards and 17% using debit cards.2

When it comes to the average secret spender, Generation Y is spending nearly twice what Generation X is and more than six times its baby boomer counterparts.3

Research shows that the average Australian is also $1,196 in debt because of sneaky spending habits.4

What about shared accounts?

While many prefer to keep their finances separate, whether they indulge in secret spending or not, there are a number of couples opting to merge their money.

Around one in five couples has a shared savings account and around one in four a shared credit card, with those most likely to do this being baby boomers, followed by Generation X and Y respectively.5

While there can be benefits to a joint account—as you’re paying fees on one account rather than two and repayments on things like your home loan or rent might be easier to manage—there are still risks.

For instance, if your partner racks up a large debt on your joint credit card, you’re both responsible for paying it back. And, if they default, it will affect your credit rating as well as theirs.

Is financial infidelity really a problem?

A recent survey by Relationships Australia highlighted that financial stress was one of the key negative influences on a couple’s relationship, with disagreements about money a major cause of divorce.6

About 85% of respondents indicated that financial problems were likely to push couples apart7, which is why openness, honesty, and planning together can play a big part.

After all, average household debt in Australia today is around $245,0008, so if considerable money is going unaccounted for, it may be time to come clean and devise a plan that works for both of you.

How can couples work better together?

Whether you have shared financial commitments, joint accounts, investments that are in both of your names, or sneaky spending habits, honesty is the best policy.

Here are some tips to ensure you’re both on a level playing field:

Meanwhile, it’s important to be realistic and give yourselves some room for movement. And remember, it’s ok to have shared financial goals and still some personal freedom.

For more information

Debt reduction calculator

See how you can save money and pay your loan off more quickly by increasing your repayments on loans with higher interest rates. 

Get started


Want to keep up to date with the latest news?

Subscribe now

Find an adviser

Choosing the right financial adviser is an important decision, which is why AMP has developed a tool that enables you to find an expert who is right for you.

Find an adviser

Want to keep up to date with the latest news?

Sign up now

Recommended articles

Important information

Show more

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.