Reported by Ashley Naples
Society teaches us that couples should be an open book with one another in the relationship and share all of their inner most thoughts and actions that they wouldn’t share with anyone else. Well, American couples seem to have missed the memo because according to a recent survey, 7.2 million Americans commit financial infidelity, i.e. keep a secret stash of money that their spouse knows nothing about.
The survey, conducted for CreditCards.com, a company whose mission is to provide consumers with the largest variety of credit card offers online, and to enable smart selection and use of cards by offering news, advice, features and tools, finds that of the 843 American adults in a relationship who participated in the survey, 1 in 5 admit they have spent $500 or more without their partner’s knowledge. Six percent of survey participants admitted to living a “financial double life” my maintaining hidden checking or savings accounts, and/or using secret credit cards.
Although women are stereotyped as the gender who will run up a credit card to enjoy some secret retail therapy, the survey finds that the gender who commits the most financial infidelity is men. Eight percent of men admitted to having had some secret accounts, compared with five percent of women. The survey finds that men were almost twice as likely as women to say they spent $500 or more without telling their partners.
As finance expert and social commentator Dr. Boyce Watkins and therapist Tia Brown have discussed during their Financial Lovemaking video segments, money is one of the primary causes of divorce. If you don’t engage in Financial Lovemaking with your spouse prior to marriage, it will be challenging to have a long-term, low stress marriage.
Paula Langguth Ryan works for Compassionate Mediators, a company who helps negotiation settlements with creditors, claims that a client in Maryland found out her husband had secretly opened numerous credit card accounts in her name as well as his name by having the statements billed to a PO box. It wasn’t until after the marriage dissolved and the divorced woman attempted to get a credit card of her own that she’d discovered there were judgments against her for unpaid bills.