Financial dishonesty is a common problem among couples. According to a December 2010 online survey commissioned by the National Endowment for Financial Education® (NEFE)® and conducted by Harris Interactive in the US, three in 10 Americans who have co-mingled their finances with a partner admit to lying to their partner about their finances. The survey also found 30 percent of adults said they had been lied to about money by their partners. I’m assuming survey would have similar results in Canada.
Of the offenders, the NEFE-Harris survey found:
• 30 percent hid a bill
• 16 percent hid a major purchase
• 15 percent had a secret bank account
• 11 percent lied about their debt
• 11 percent lied about the money they earned
• 15 percent percent said the lies led to separation or divorce
The money deception occurred equally across all income levels, and men and women were equally guilty of financial infidelity.
“Couples from every walk of life are facing new financial challenges, but adding deception about money to the mix can make these tough economic times even tougher,” says Ted Beck, president and CEO of NEFE. “Couples need to face their money realities before they can work as a team to improve their financial lives.”
What financial items/issues do you find yourself hiding from your spouse?