Study Shows Couples are Very Honest about Finances

Study Shows Couples are Very Honest about Finances

A new study by the AARP shows that a large majority of couples are honest about their financial information.

Most do not have hidden bank accounts and secret purchases are rare.

The most common financial secrets were about lending money to a friend or family member (8 percent), the amount of credit card purchases (6 percent), and the amount of their debt (6 percent).

Younger respondents were more likely to hold back information than older respondents (27 percent vs. 12 percent).

Other survey findings:

  • Couples are sometimes secretive about purchases. 17 percent say they have hidden a purchase from their spouse in the past 12 months. 34 percent say they have hidden purchases from their spouse or partner in the past.
  • Many couples still run finances through one account. Half of those surveyed only have a joint checking account; another 31 percent have joint as well as separate bank accounts. Older respondents were more likely than younger respondents to only have joint accounts (54 percent vs. 46 percent).
  • Only five percent of those surveyed admitted having a secret bank account.

AARP surveyed more than 1,200 adults nationally. Younger respondents were considered between 18 and 49 while older respondents were age 50 and over.