Bloomberg
Business created a study and poll that surveyed the young and elderly about the
personal finance product they have hidden from their partner.
About 13
million Americans were found to have hidden a bank or credit card account from
their spouse or live-in partner. Younger people are likely to hide their
personal finance secrets from their partners.
According
to CreditCards.com's Senior Industry Analyst Matt Schulz, millenials are more
comfortable talking about their finances given the proper environment and
platform.
According
to Schulz, the findings were shocking. With over millions of Americans hiding
their personal finance accounts from spouses, it could do some "real
damage in a relationship" in terms of trust and teamwork.
The survey
ran from January 7-10, 2016.
Schulz
added that budgets can only function between two people if both respect and
follow the budget. If both parties do not know exactly what's coming in and
going out, it can cause future troubles, according to Schulz.
To keep
your finances and relationship in check, the following is advised:
- Have a sit down with your partner and talk about your finances
- Never be afraid not to share technical troubles you find with your finances.
- Communicate often about your financial plans
- Avoid complaining, provide a solution.
