- 13 million Americans leave partners in dark about money: study
- Young people more likely to stash funds (or at least admit it)
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 percent) than men (5 percent) 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.
“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,” 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 percent.
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.