Talking about Debt with Your Partner
By The Post-Divorce Chronicles on January 14, 2012
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Editor's Note: Talking about finances with your partner is not easy. In this post at the Post-Divorce Chronicles, Lee Block gives tips about talking about money, debt, and spending with your partner. -- AVF
A recent survey shows that 80% of couples spend money behind their significant others back -- and don't tell them about the purchase. Another 18.5% of the 200 survey respondents included in the study have opened a credit card without their partner's knowledge.
"Working through debt together" via Shutterstock.
In addition, 38% of survey respondents who do practice financial infidelity say they fear that, if found out, their relationships would end quickly.
Why do so many people hide debt and spending issues from their loved ones? Primarily (and this goes for not only couples, but for family members, too) individuals don’t like conflict. Not only do they fear that being exposed would end valued relationships, they just don’t want to get into an argument over their profligate spending habits.
Part of it is insecurity, too. In a 2005 survey of 1,000 men and women, Money Magazine concluded that 71% of study participants lied about money. Psychologist, deception expert and study contributor Robert Feldman of the University of Massachusetts said, "People lie because they need to present themselves as competent and worthy. Money is one key way people feel they are valued."
Read the post for tips about how to best approach financial discussions.