How much money is your spouse hiding from you?

A new study finds about 13 million Americans have squirreled away a checking, savings or credit-card account from live-in partners.
FEB 03, 2016
Forget Switzerland. The new secret account is the one you hide from your spouse. About 13 million Americans have squirreled away a checking, savings or credit-card account from live-in partners, according to a study released Wednesday by CreditCards.com. A slightly greater share of women (about 6%) than men (5%) said they've kept money out of sight, a difference within the margin of error. But another trend was more pronounced: Young people were more likely than their elders to keep secrets — or at least to admit it when a stranger calls to conduct a survey. https://www.investmentnews.com/wp-content/uploads/assets/graphics src="/wp-content/uploads2016/02/CI10369223.JPG" “It's possible that millennials are just more comfortable with disclosing that sort of thing in that environment,” said Matt Schulz, senior industry analyst at CreditCards.com, an online credit-card marketplace affiliated with Bankrate Inc. He said he was surprised by the number of Americans who hide accounts, especially because it “can cause some real damage in a relationship.” Not to mention their finances. “There's no way to do a meaningful budget if you don't know exactly what's coming in and what's going out,” Mr. Schulz said. Obfuscation transcended at least one divide in this year's contentious election season: Democrats and Republicans each showed the same degree of stealth — about 5%. https://www.investmentnews.com/wp-content/uploads/assets/graphics src="/wp-content/uploads2016/02/CI10369323.JPG" The survey was conducted for CreditCards.com from Jan. 7 to Jan. 10 via telephone by Princeton Survey Research Associates International and includes 1,003 people in the continental U.S.

Latest News

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors
Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors

The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.

Class action alleges Webull misled investors about China operations
Class action alleges Webull misled investors about China operations

Its SEC filings said one thing - a congressional probe said another.

Investors accuse Netcapital of inflating revenue through sham deals
Investors accuse Netcapital of inflating revenue through sham deals

Sham agreements allegedly padded revenue by 345%.

Pre-retirees are looking for flexibility, security, and guidance when it comes to retirement income: Cerulli
Pre-retirees are looking for flexibility, security, and guidance when it comes to retirement income: Cerulli

"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor