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Survey: many people secretive about money

On Behalf of | May 10, 2017 | Family Law

There are certain things that people are commonly fairly secretive about. One of these things is money. This is underscored by the results of a recent survey.

The survey asked over 5,000 U.S. adults what sorts of things they kept secret from the people close to them. Over half of the respondents indicated that their finances were something they kept secret. Given this, money was the third most cited thing when it comes to things the respondents reported being secretive about.

Why do so many people keep money matters to themselves? A lot of different factors could be at play, including people viewing money matters as being very private, people being embarrassed to talk about their finances and people viewing talking about money as “bad manners.”

So, many people may not like talking about money much at all. However, there are some situations in which staying secretive about money could open the door to problems. This is because there are instances in which open and honest conversations about money can be very important.

For example, having honest conversations about money can be crucial in a marriage. A married couple keeping secrets from each other about money or avoiding talking about money can create fertile grounds for finance–related tensions to develop within their marriage. Such tensions can hurt a marriage, possibly even to the point where a couple ends up opting for a divorce.

Another situation in which talking finances can be critical for a person is when they are getting divorced. For one, when a person is entering the divorce process, it can be important for them to talk about divorce issues that touch on finances, such as property division, with an experienced divorce lawyer. These divorce issues can be quite complicated and can have lasting financial implications for a person. So, having professional guidance can be key when navigating such issues.

Source: MarketWatch, “Americans will talk about sex and infidelity before they talk about this…,” Jacob Passy, May 10, 2017