Why People Hide Money From Their Significant Other | Fox Business
According to a poll conducted on behalf of CreditCards.com, nearly 7% of the more than 1,000 adults surveyed admit to hiding a secret financial account from their spouse or partner. Two-thirds of those responding said they have a hidden credit card account, and 45% have a secret savings account.
Understandably, perhaps, individuals who have not formally tied-the-knot and are simply living together are much more likely to keep part of their financial life hidden from the other person in the relationship.
Thanks to online access and paperless statements, it’s easier than ever before to live a double life. Ben Woolsey, director of marketing and consumer research at CreditCards.com, says people can easily hide their financials by having statements sent to work.
“Men are more likely to have secret credit card accounts, which allow them to make transactions outside the view of their partners.” On the other hand, women are three times more likely to hide a savings account, perhaps indicating a lack of security.
“This behavior has been around since the dawn of relationships. It is driven by fear and lack of trust,” says Allan Pass, director of National Behavioral Science Consultants and a licensed psycho-therapist in Adams Township, Penn. “People fear that when love leaves, so does the chattel.”
In addition, money has long been recognized as a source of power in a relationship. In Woolsey’s view, socking away your own private stash can represent a “rebellion against control, especially on the part of the lower earner.”
According to Dr. Karen Ruskin, a therapist and relationship expert in Sharon, Mass,“Women don’t want to feel they have to ask [for permission to spend money]. When you’re deciding for yourself, you get to be in control.”
Strange Random Money Quote:
“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are.” – James W. Frick
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- Financial Infidelity Can Strain A Marriage (pittsburgh.cbslocal.com)
- Money & the Law: Fraud liability for debit, credit cards differs (gazette.com)