Will you be 'financially cheating' on your family and friends over the festive season?

A woman quietly shops online away from the rest of the family
A woman quietly shops online away from the rest of the family

Some are already enjoying their time with their families for the end of the year break and others are yet to go on holiday. If you're a working person it's likely your financial position is a topic of interest in your family.

READ MORE: We debunk myths around black debt in light of the festive season upon us

There's debate around disclosing your income or financial standing.

It can be natural for some and a contentious issue for others. This is when the concept of financial cheating may apply.

Financial cheating is a concept usually applied to romantic relationships, but it doesn’t really have to be confined to that context.

A study by the Journal of Financial Therapy defines financial infidelity as, “a form of financial cheating that one partner commits with his or her current partner. Financial infidelity includes hiding.”

The study also notes psychologists’ definition that, “financial infidelity includes any purposeful financial deceit between two or more individuals wherein, there is a stated or unstated belief in mutual honest communication around financial matters”.

READ MORE: Should I really be this terrified of getting a credit card?

According to this study, financial infidelity includes hiding purchases, having secret credit cards, or keeping secret personal bank accounts, saving money to be spent on a guilty pleasure or hiding paychecks. 

I believe that my salary is confidential, it’s my hard earned money. I will only reveal it to my husband. I actively hide this information from my family so that I can protect myself from too many expectations. I also wanna avoid people budgeting on my money.

All families have different circumstances but picture this: You arrive home, groceries, electricity, transport or clothes for the children are needed and everyone looks to you. The geyser burst, the car needs to be serviced and its back to school for your siblings, nieces, nephews and cousins, and everyone looks to you for money.

READ MORE: How to survive black tax

There are countless other scenarios, but while some see it as a responsibility and honour to take care of their families, many carry it as a burden.

READ MORE: Money advice for millennials who are struggling to save while paying off loans

There are different takes on what the definition on what Black Tax is but it largely boils down to financial contributing to your family and extended family. There have been many people who have taken to social media to vent about their experiences with Black Tax.

Fin24 previously reported that 33% of working people surveyed are stressed because of extended family financial obligations or requests for financial help, coming second to stress because of debt. 

Is this reason enough to be secretive or even lie about your financial status to your family? Is it warranted to hide your payday date, income bracket or overall financial standing?

I’m actually quite transparent with my parents about how much I earn, just so they can manage their expectations of me. Everyone knows when payday is because the majority of people get paid on the 25th anyway, so I wouldn’t even try hide that.

Do you share your financial status with your family and extended family or do you think it's okay to keep it to yourself and hide it? Chat to us here.

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