What's worse than having an affair? Lying about money

One in five Australians think lying to a partner about spending or income is worse than physically cheating or having an affair. A Finder survey of 1,096 people found Baby Boomers are the most worried about financial lies in a relationship, with 23 percent feeling concerned about it. This compares to 22 percent of millennials, 21 percent of Gen X and 18 percent of Gen Y.

Sarah Megginson, Finder’s personal finance expert, said there can be major fallout from financial secrets.

“Purposefully hiding information about money is a major red flag in relationships, especially when couples share finances,” she said. “Financial lies can be quite destructive and leave people feeling betrayed and untrusting. As our research shows, it can cause even more pain than a romantic affair.”

Ms Megginson said people lie about money for several reasons.

“For some people, the motivation to be dishonest is born out of embarrassment over a secret debt or an addiction that’s gotten out of control,” she said. “For others, it’s less about shame, and more about wanting to be prepared with a financial safety net in the event the relationship ends poorly, so they might have a ‘secret’ account they haven’t told you about.”

Keeping finances separate is a rising trend among couples in Australia, even if they are married with children. St George Bank surveyed 1,500 parents in 2018 and discovered only 51 percent combined their incomes in joint accounts, and 37 percent kept their money separate. The research also showed one in four people were keeping a financial secret. Women were more likely to keep a large debt secret and men were more likely to have a private savings account. Other financial indiscretions people were keeping to themselves included a large purchase or a secret credit card.

Research by Relationships Australia shows many couples are not having conversations about financial arrangements before entering into committed relationships. Four in 10 people did not discuss how their personal incomes would be shared before they committed to their partner. A majority of women (74 percent) and men (69 percent) reported no discussion about how finances would be divided if the relationship ended.

Ms Megginson said money was a source of conflict for many couples, with 40 percent of survey respondents saying the conflict related to their partners overspending. She encouraged couples to have regular, honest conversations. “If you’re hiding something, consider coming clean sooner than later. The longer it goes on, the bigger the problem can grow and the more elaborate your lies are likely to become.

“Financial trust is really crucial in a relationship, so it’s ideal if you can talk openly about money and get on the same page, and ideally support each other to reach financial goals together. If you feel like you are being taken advantage of or if you can’t leave a relationship because of financial issues, contact the National Debt Helpline,” she said.

The boom in casual footware ushered in by the pandemic has ended, a potential problem for companies such as Adidas that benefited from the shift to less formal clothing, Bank of America says.

The casual footwear business has been on the ropes since mid-2023 as people began returning to office.

Analyst Thierry Cota wrote that while most downcycles have lasted one to two years over the past two decades or so, the current one is different.

It “shows no sign of abating” and there is “no turning point in sight,” he said.

Adidas and Nike alone account for almost 60% of revenue in the casual footwear industry, Cota estimated, so the sector’s slower growth could be especially painful for them as opposed to brands that have a stronger performance-shoe segment. Adidas may just have it worse than Nike.

Cota downgraded Adidas stock to Underperform from Buy on Tuesday and slashed his target for the stock price to €160 (about $187) from €213. He doesn’t have a rating for Nike stock.

Shares of Adidas listed on the German stock exchange fell 4.5% Tuesday to €162.25. Nike stock was down 1.2%.

Adidas didn’t immediately respond to a request for comment.

Cota sees trouble for Adidas both in the short and long term.

Adidas’ lifestyle segment, which includes the Gazelles and Sambas brands, has been one of the company’s fastest-growing business, but there are signs growth is waning.

Lifestyle sales increased at a 10% annual pace in Adidas’ third quarter, down from 13% in the second quarter.

The analyst now predicts Adidas’ organic sales will grow by a 5% annual rate starting in 2027, down from his prior forecast of 7.5%.

The slower revenue growth will likewise weigh on profitability, Cota said, predicting that margins on earnings before interest and taxes will decline back toward the company’s long-term average after several quarters of outperforming. That could result in a cut to earnings per share.

Adidas stock had a rough 2025. Shares shed 33% in the past 12 months, weighed down by investor concerns over how tariffs, slowing demand, and increased competition would affect revenue growth.

Nike stock fell 9% throughout the period, reflecting both the company’s struggles with demand and optimism over a turnaround plan CEO Elliott Hill rolled out in late 2024.

Investors’ confidence has faded following Nike’s December earnings report, which suggested that a sustained recovery is still several quarters away. Just how many remains anyone’s guess.

But if Adidas’ challenges continue, as Cota believes they will, it could open up some space for Nike to claw back any market share it lost to its rival.

Investors should keep in mind, however, that the field has grown increasingly crowded in the past five years. Upstarts such as On Holding and Hoka also present a formidable challenge to the sector’s legacy brands.

Shares of On and Deckers Outdoor , Hoka’s parent company, fell 11% and 48%, respectively, in 2025, but analysts are upbeat about both companies’ fundamentals as the new year begins.

The battle of the sneakers is just getting started.

What’s worse than having an affair? Lying about money

A new Australian survey revealed a lack of transparency about finances had potential to cause more harm to relationships than an extramarital romantic liaison

The pandemic-fuelled love affair with casual footwear is fading, with Bank of America warning the downturn shows no sign of easing.