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Oct 9, 2008 10:00 pm US/Central
Couples Often Hide Money From Each Other
NORTH TEXAS (CBS 11 News) ―
Money is the number one cause of conflict in marriage and infidelity is a close second. So, what happens when you combine the two?
New studies show more and more couples are hiding money from each other. And the numbers say women do it more than men!
The freefalling economy has many people feeling out of control.
Doctor Sylvia Gearing believes, "…the current economic crisis is going to precipitate more people to lie."
Online bank cahoot.com found that about 75-percent of women admit to hiding money, while some 53-percent of men say they do it.
Interestingly, if you Google the words "hide", "money" and "spouse", and you'll get nearly two-million hits. One hit brought up a 'how to' guide that had step-by-step instructions on building a "secret spouse" nest egg.
Financial expert Jim LaCamp says he sees secrecy in credit cards where people run up big balances. But he says that approach often fails. "It is always a bad idea and people always find out about it."
MSN Money reports that the person hiding money may not be who you think. It isn't necessarily the dependent spouse relying on the others salary, but rather the modern, working one. That person may be the one to have secret credit cards or want a "security blanket."
Whatever the reason financial and relationship experts say you should 'come clean'! Do this by approaching your spouse, admitting the transgression, and committing to stopping now. Then, open the books so both people in the relationship know where every penny goes.
LaCamp also offered some tips –
- Run a simple credit check
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Run your social security numbers
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Know your income and your savings
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Look at household budgets together
Dr. Gearing says financial infidelity and sexuality infidelity often go hand in hand and that each lead to a distressed marriage.
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