7.2 million Americans hiding money from spouses
If you have hidden a purchase from your spouse, you're not alone.
20% of Americans have spent $500 or more on a purchase without their partner's knowledge. Men are much more likely to have done so than their wives. Twenty-six percent of men have spent more than $500 without notifying their significant other versus just 14 percent of women who have made hidden purchases.
Financial planners note that financial deceptions are particularly hard to recover from as they often indicate larger problems-whether it's overspending or more insidious habits like gambling-and are seen as a breach of trust.
"It is a kind of betrayal, and betrayal is what can start the division in a marriage that can end in a split," said Donna M. Phelan, a financial advisor and author of "Women, Money and Prosperity: A Sister's Perspective on How to Retire Well."
Unfortunately, money is an oft-cited cause of divorce and being honest with finances is as important as honesty in any other part of the relationship.
We recommend setting aside a night once a month to check-in with each other about finances in a "financial date night."
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