An estimated one-third of recently married couples are surprised by the financial situation of their spouse. A similar number (36 percent) are not aware of their partner’s spending habits. Based on a study by Experian Plc, only 40 percent knew the credit score of their partner.
Men more often hid money from spouses. About 20 percent of men had secret bank accounts about which their partners didn’t know; compared to 12 percent of women. Regarding the maximum amount that they would spend before consulting with their spouse, men replied $1,259; women said $383. Hidden financial information can have a significant adverse effect on the relationship of a newly married couple.
For additional information on newlywed finances, click here.
For additional information on the survey results, click here.
Teaching Suggestions
- Have students survey newly-married people about their disclosure of financial information to their spouse.
- Have students create a list of problems that might arise between newly-married people who do not inform their spouse about their personal financial information.
Discussion Questions
- What financial information would be most important for newly-married people to disclose to their spouses?
- How could a lack of disclosure of financial information to a spouse create relationship difficulties?
Melissa Hart
Focus on Personal Finance, 7e 