Survey Finds Financial Honesty Is Hard to Come By in American Couples
40 percent of Americans in committed
relationships say honesty about finances is more important than honesty about
fidelity, new Lawyers.com survey shows
May 4, 2011 - New York, NY - A new
national survey finds discrepancies in financial candor and spending habits
among Americans aged 25-55 in committed relationships. Of these Americans, four
in ten (40 percent) agree that honesty about finances is more important than
honesty about fidelity (compared to 2005 in which 24 percent agreed with this
sentiment), yet nearly three in ten (29 percent) admit that they have withheld
information from their spouse or partner regarding their spending on
discretionary items, such as apparel, accessories, electronics and
entertainment.
The survey also shows that nearly
all Americans in committed relationships (91 percent) agree that it is
important to discuss their partner's financial history before marriage, yet
more than one quarter (26 percent) admit they tend to avoid talking about
finances.
Findings from the 2011 Lawyers.comSM
Couples & Money Survey, as well as legal tips and resources on how to
protect oneself from the financial infidelity of a spouse or partner, are
available at Lawyers.com - the leading online legal website
for consumers and small business owners. The online survey was conducted by
Harris Interactive in April 2011 among 949 U.S. adults ages 25-55 in committed
relationships. The survey updates findings from a 2005 Lawyers.com study that
tracked financial honesty and spending habits among American couples, and also
includes new data from this year.
"There appears to be a
disconnect between the beliefs and actions of a large number of American couples
when it comes to disclosure of finances and spending habits between
partners," said David Palmieri, vice president and managing director of
the Marketing and Consumer Solutions team at LexisNexis. "We encourage
people to visit Lawyers.com to learn more about resources - including
cohabitation agreements, prenuptial agreements and other legal documents - they
can use to protect themselves and, if necessary, to find a good lawyer in their
area who specializes in family law."
Turn Back Time, Different Choices
The survey also found that a
majority of Americans in committed relationships (85 percent) say they would do
one of the listed activities differently to manage their financial situation if
they had the opportunity to go back in time.
- Nearly two-thirds (64 percent) would put more money
into savings.
- Nearly half (49 percent) would spend money more
responsibly.
- Over four in ten (46 percent) would put more money into
retirement account(s).
- Over one-third (36 percent) would put more money into
investments such as stocks, bonds, and mutual funds.
Additionally, one in five Americans
in committed relationships (21 percent) would discuss financial
goals/expectations earlier in their relationship and one in ten (10 percent)
would be more honest with their spouse or partner about their spending if they
could go back in time.
Other Survey Findings
- Other types of spending couples withhold from one
another: One in ten say that they have
withheld information from their spouse or partner about their household
finances (12 percent), their debt (12 percent), their spending from a
joint account (10 percent), or their salary (8 percent).
- Men are more likely to withhold the truth about their
salary: Men are nearly twice as likely
as women to say that they have withheld information from their spouse or
partner regarding their salary (11 percent vs. 6 percent).
- Combined and separate bank accounts: Half of adults in committed relationships report that
all of their bank accounts are combined with their partner's (2005: 50
percent; 2011: 52 percent); one in five report that all of their bank
accounts are completely separate from their spouse or partner (2005: 18
percent; 2011: 20 percent); and a quarter report having both combined and
separate bank accounts (2005: 29 percent; 2011: 25 percent).
About the survey
The 2011 Lawyers.comSM
Couples & Money Survey was conducted online by Harris Interactive on behalf
of LexisNexis between April 8 and 12, 2011 among 1,510 U.S. adults ages 25 - 55
of which 949 are in a committed relationship (that is, they are currently
married, engaged or living with a partner). This online survey is not based on
a probability sample and therefore no estimate of theoretical sampling error
can be calculated.
The 2005 Lawyers.comSM
Couples & Money Survey was conducted online by Harris Interactive on behalf
of LexisNexis between July 29 and August 11, 2005 among 1,796 U.S. adults ages
25 - 55 who are married, engaged, or living with a partner. This online survey
is not based on a probability sample and therefore no estimate of theoretical
sampling error can be calculated.
For a complete survey methodology
for both surveys, including weighting variables, please reach out to one of the
media contacts associated with this announcement.
About Lawyers.comSM
Lawyers.com, a LexisNexis®
service, is the leading legal destination on the Web, providing consumers and
small business professionals the information they need to learn about specific
legal issues, understand their legal options, and find the right lawyer for
their needs. Lawyers.com provides a free database of more than one million
attorneys and law firms nationwide and helps site visitors make a fast,
informed decision when researching legal matters and choosing a lawyer. More
than twenty-two million consumers and small business owners visited Lawyers.com
last year to find legal information and the right legal representation for
their needs.
Posted
Wed, May 4 2011 11:56 AM
by
Tina George
Filed under: 2011 Lawyers.comSM Couples & Money Survey, Lawyers.comSM
