A third of spouses admit to financial infidelity
Are you having an affair with your credit card debt?
Money can't buy you love, but once you find a partner, money is likely to become a topic of contention on more than one occasion.
According to a recent study from the AARP, 34 percent of couples have hidden purchases from a spouse or partner, adding fuel to the fire.
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Research company ORC International led the survey, interviewing 1,263 adults over the age of 18. They found that older couples were more likely to be honest about their finances, while the 18 to 49 demographic had a little trouble with financial fidelity.
Dr. Taffy Wagner, CEO of Money Talk Matters, told Business Insider:
"Couples are all in love and want everything to be joint, but when they automatically put all of their money in one account and one person is managing it, a lot of the time the other person has no idea what is going on."
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So even joint bank accounts might not prevent financial cheating.
Of respondents ages 18 to 49, 7 percent even admitted to keeping a secret bank account hidden from their spouse. When asked if they "know of someone" who has a secret bank account, that number jumped to 20 percent.
At 34 percent, hiding purchases was the most common money lie found in the survey. But 8 percent of those polled said they've lied about lending money to a family member. Six percent said they've hidden credit card debt. That number was significantly higher for the 18 to 49 crowd, with 10 percent admitting to hiding debt.
With those stats, it's no wonder that money continues to be a top cause of couples' arguments.
Photo: Plush Studios/Getty Images
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If you feel you must hide or mislead the person you love* you need to get out of the relationship. Both parties should have a complete understanding of what the financial priorities are and should abide by the agreement. If no agreement is agreed upon a limited number of exceptions can be made. If one person is constantly making the compromise *get out*you are being used. It all starts with money and will ultimately lead to deception and infidelity and heart break.
Yes I have with held financial information from my partner because I am the ONLY bread earner in the household, I have to make all the decisions because he doesn't want to hear the trivial information and we never agree on how to do things. Whether it's the car or the toilet, he moto is always go the cheapest route. In my experience, that is trouble. So I handle the finances, make the decisions, work, pay the bills and do all the purchasing that is necessary to make a home function. In turn, he takes care of the house, yard, and pet when I am not there. So with holding info from him is NOT being a wrong. Oh yes, and we have been like this since he was no longer able to work - 2004.
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