Is Your Spouse Committing Financial Infidelity?
Marriage and long term relationships can be just as much a financial partnership as they are a domestic one, and experts say that one of the key strengths in successful marriages is a firm financial footing and honesty between both parties. However, a recent poll revealed that nearly 13 million Americans could be in possession of a secret bank account or credit card that their partner knew nothing about. While these may be signs of something dark or broken in the relationship, it can also stem from simple mismanagement of funds or even well-intentioned plans gone wrong.
To prevent something like this from happening to you, it is important for couples to discuss their finances early on, including before a marriage even begins. Couples need to have conversations about their spending habits and financial habits, being open and honest with each other about these potentially hot button topics as early as possible. The key to these conversations is to determine what rules you will set for your relationship, including coming to an agreement about discretionary spending.
In an online survey, 41% of spouses believe that their partner should be able to spend up to $100 without telling them, but 24% believe that limit should be more than $500. 19% of those surveyed said that they had spent more than $500 without informing their partner, statistically much higher among men than women. While the exact amount that you determine for your relationship is a personal decision, the important part is that it is a mutual one.
While there seems to be a gender difference when it comes to this amount of spending without informing their spouse, there is an even split between men and women when it comes to running up debt and not telling their partner. There are some serious age differences to keep in mind with these statistics as well, possibly a sign of the changing nature of marriage and relationships in the country. Far more senior citizens than any age group believe that their partner should disclose with them all purchases, including those under $25.
While these type of non-communicative and secretive financial situations can seem like a dire problem for the relationship, it does not necessarily need to be. Many couples possess both joint and separate accounts for their many financial situations and their own individual needs. With proper counseling and concrete work, many relationships can return from the brink of financial infidelity quite successfully. Debts are encountered in nearly all relationships in every type of economic level, and it says more about the couple in how they come back from the challenge than how they got into it to begin with.
At Central Mercantile Collection Services, we have more than 30 years of experience managing debt collections for all types of clients across the United States. If you find yourself struggling with debt because of your spouse’s actions or your own, we are here to help. For more information, call us today at 800-223-6259.
