Financial Infidelity Can Strain A Marriage
PITTSBURGH (KDKA) — Okay, let’s be honest. When it comes to money and marriage, have you ever spent money without your wife knowing about it?
“Absolutely,” says Kenny Williams.
It’s a growing trend — and the secret spending cuts across genders.
“Absolutely yes,” says Karen Hennon.
“On what?” asked KDKA-TV’s money editor Jon Delano.
“I’m independent. I can buy a car or anything I want without his approval,” Hennon responds.
Even though both spouses may work, majorities like Allyson Lesic say, “No, no, no, there is no ‘his money’ and ‘my money,’ it’s ‘our money.’”
But that doesn’t keep some spouses from hiding their bonuses, lottery winnings, even their savings and retirement accounts from their spouses, according to a recent study by the American Institute of CPAs on financial infidelity.
“Twenty-seven percent of American couples say they fight more about money than anything else, including children and work.”
The key is communication.
“Any kind of expense, like on myself, we always talk about it,” says Troy Kroll. “We want to know if we can handle it.”
And it helps to resolve ‘this’ question early on in the marriage: “How much money do you think you can spend without talking to your spouse about it first?”
Allyson Lesic’s answer: “Probably about $300, $350, something around there.”
But for one newlywed, spending anything without consulting wouldn’t fly.
“I just think that’s wrong. They really need to tell them because that’s just problems ahead,” Morgan White said.
Others say a little financial independence makes a marriage last.
“I think what makes it healthy is to have ours, but I think everyone should have a little piece of their own,” Cindy Glenn said. “Realistically, I think you should. My mother always said, keep a little piece of your own.”