If you’ve ever hidden money or a purchase from your spouse, you would be in deep trouble, during ancient civilization. But today, the sensitive issue of people hiding money from their spouses is gaining popular. So, if you’ve ever done so and were too afraid to tell your other half about it, now is the time to spill the beans. And why should you be proud of doing such thing? Because there were 7.2 million Americans who did the same as well.

According to a CreditCards.com report just released, one in five Americans have spent at least US$500 on a purchase without their partner’s knowledge. Amazingly, men are much more likely to have done so than their wives. Statistically, 26% of men have spent more than US$500 without notifying their spouses as compared to just 14% of women. Well, guess men can be proud to be known as the greatest cheater now (*grin*).

 

From the 7.2 million Americans who have hidden a bank account or credit card from their supposedly live-in partner, approximately 4.4 million are men while 2.8 million are women. This report could trigger “trust” problem in a relationship, simply because it would begs the question of what else is being hidden. So, if you belong to the men category and have some hidden fortune elsewhere, it’s time to cook up a good reason or story.

But why should you (man or woman) have some good justifications on your hidden money or purchases? That’s because money is an extremely good cause of divorce. A 2013 Kansas State University study from more than 4,500 couples found “arguments about money was by far the top predictor of divorce.” After “incompatibility” and “infidelity”, the third leading cause of divorce is – money.

 

Stacy Francis, president and CEO of Francis Financial and a Certified Divorce Financial Analyst has this to say – “If a couple argues about money, they’re more likely to be hiding assets or spending, and if they’re hiding those, they’re more likely to get a divorce. The deceptions create a fissure within the relationship that’s hard to repair”. So, should we go back to the basic whereby honesty is the best policy?

Actually, it’s very subjective. Your Tom Cruise could be a big spender hence the needs for him to stash some small amount of money away from you. Similarly, your Kate Upton could be a shopaholic so naturally she would consistently have hidden purchases. Some couples also believe in some little financial privacies even though they sleep together. And there’re tons of women who claim that they were merely saving for the rainy days.

 

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January 22nd, 2015 by financetwitter

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