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Keeping money secrets from your spouse

2 in 5 Americans admit to hiding money
Posted at 10:19 AM, Oct 11, 2019
and last updated 2019-10-11 11:19:36-04

Money secrets in a marriage, how big of a deal is it?

Financial experts say no matter the type, it's not a good idea.

Financial Advisor, Brad Allen says "I see it a lot you know, there's that deposit box at the bank where nobody else knew it was there and there's money in there or there's the safe at home and only one spouse knows the combination."

Or it's the other way around, and there's debt someone didn't know about.

Allen says millennials are the biggest culprits.

According to, 28% of millennials admitted to hiding an account from their partner.

The results show they're twice as likely to keep money matters undercover than older age groups.

"How much debt are you bringing into this relationship? Whether you know its student loan debt, which is a big issue for a lot of kids coming out of college, or if its just credit card debt in general, how are you going to end up paying this off as a couple in the future is going to be really important," Allen says.

Allen adds with online bill paying, technology can make it easier for people to cover up bad spending habits.

But he recommends both partners take advantage of financial apps for budget planning so everyone is on the same page.

"Its why its so important to have both spouses in the office putting together a plan," Allen says. "Each spouse needs to know where the money is at and how much debt they need to tackle as a couple."

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