Feb 28, 2020

Question for the weekend: What percent of Americans keep a financial secret? (Updated)

Look for this question appearing in an NGPF Question of the Day soon!

Answer: 44%. 

From USA Today:   

About 44% of U.S. adults admit to hiding a bank account or debt, or to spending more money than their partner would be comfortable with, according to a new study from CreditCards.com, which surveyed 1,378 adults who are married, in a civil partnership or living with their partner. That number was included in a survey of 2,501 adults from CreditCards.com.

So why are people committing financial infidelity? More than one-third say they do it for privacy or a desire to control their own finances.

“Money is such a taboo,” says Ted Rossman, an industry analyst at CreditCards.com. “People would rather talk about other uncomfortable topics like religion or political views than money. This is really unfortunate because hiding that kind of a secret can hold back your financial future and undermine trust.”

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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