Survey: Financial White Lies Can Ruin Relationships
Here’s another one of those surveys or studies that make you say, “They spent time and money to come up with that? That’s a no-brainer.” Yeah, they did. Brace yourself. Wait for it. Okay, here it is: A recent survey found that not all couples are in sync financially. And that can lead down a path of trouble. Nothing ground-breaking, but still interesting. And true for so many couples.
Have you ever hid a credit card, downplayed your debt, or fibbed a little about how much you make? From your spouse? (Take part in my own no-brainer survey at the bottom.) Love and money experts say those little white lies can be a buzzkill to your relationship. The survey revealed that:
- 31% of Americans who have combined their finances say they’ve lied to their spouse about money.
- 67% of those say it caused arguments.
- 16% broke up as a result.
Many of those lies are about debt.. a potential marriage destroyer. Research from Utah State University shows thrifty couples are happiest and too much debt can ruin a marriage. Utah State professor Jeffrey Dew says, “Couples with consumer debt tend to fight more. They are more stressed about their money and some recent research that I have done even shows that consumer debt is associated with divorce.”
He says a couple with $10,000 in debt and no savings is about twice as likely to divorce as a couple with $10,000 in savings and no credit card debt.
I don’t know how he came up with that, but it makes sense. It’s a good example that when couples can take the financial pressures off their relationship, they’re able to focus on each other and not their money problems.
- Financial Infidelity and Its Dirty Little Purchases (abcnews.go.com)