NEW YORK (MainStreet) — More than 7 million Americans, including 4.4 million men and 2.8 million women have hidden a bank or credit card account from their live-in spouse or partner, according to a new CreditCards.com report.
People are keeping other financial secrets and one in five Americans has spent $500 or more on a purchase without their partner’s knowledge. Men are much more likely to be the big spenders, and 26% of them have spent more than $500 without notifying their significant other versus just 14% of women. The biggest secret spenders have annual household incomes between $50,000 and $74,999 and are between the ages of 18 and 29.
What is even more surprising is that many people say they are fine with their spouse or significant other making big purchases without telling them. Nearly one in three men do not have an issue with their spouse or partner spending more than $500 without their knowledge versus only 18% of women.
“These secrets are a recipe for disaster,” says Matt Schulz, CreditCards.com’s senior industry analyst. “If you and your significant other aren’t honest with each other about what you’re spending, you never really know how much money you have and that can lead to big problems.”
Spending on the sly can make it impossible to make an accurate household budget and can also lead to increased credit card debt.
Some people are not at ease with their other half conducting secret spending sprees. Some Americans are even more frugal, with 31% saying they don’t think their spouse or partner should be able to spend more than $100 without telling them. The survey showed that 37% of women agree with that sentiment while only 23% of men are in favor of it.