What Do 4 Out Of 5 People Hide From Their Spouses
Do You Hide Purchases From Your Loved One?
Half of the pairs in a 2003 study came up with completely different figures when asked to estimate their family’s income and net worth. In a survey last year of couples ages 43 to 70, some 35% were more than two years off when guessing when their spouse planned to retire.
About a third of those surveyed admitted to lying to their partner about money. And four out of five respondents in another poll revealed that they hide purchases from the one they love. Couples these days marry later than they used to and come into the union with their own credit cards, bank accounts and investments, which often stay separate. And if you’re convinced that sharing what you’ve spent or saved will spark criticism or a fight, it’s understandable you might choose to keep a few details to yourself.
You can’t come to smart decisions - or even joint decisions - if you don’t know what assets and liabilities you’re working with and what your partner’s goals and priorities are. In other words, two heads really are better than one for solving financial problems. The blinders-on approach also makes a crisis more difficult to handle. Should your spouse pass away, you’ll be left scrambling to find bank accounts and insurance policies. Here are some mandatory topics to discuss with your spouse.
