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Personal Finance with Charlie Weston

Charlie Weston is the personal finance editor of the Irish Independent where he writes stories on money matters almost every day, and edits a Your Money section which appears every Thursday. Charlie is an award-winning journalist and very much on the side of the consumer. He is married with two young daughters and supports Liverpool, for his troubles. He can be heard on The Last Word with Matt Cooper show at 4.50pm every Wednesday.

If you have a query or question you'd like to ask Charlie, simply send it into lastwordfinance@todayfm.com.

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Financial infidelity

HOW honest is your spouse or partner when it comes to money? Do you have a secret bank account your wife or husband does not know about, or a secret credit card?
A new survey answers some of these questions about love, money and lies.

Lying about lucre
One in five have been lied to by a partner about money, according to a survey of 1,000 adults commissioned by website lastminute.com.
One in 10 has a secret bank account – what some people like to call “running away money”. Many (more than one third) have more than €5,000 in this account.

Concealed credit cards
When it comes to credit cards and bank accounts, one in six confessed that they have one that is hidden from their partner. Women between the ages of 35 and 44 were the most likely culprits. This may because a woman has splurged on a pricey item and then pretended that they get it in the sales. They have hidden the credit card bill because they do not want to discuss the purchase with their partner.

Men are also guilty
More than one in 10 men conceal debts from their female partners. When asked how financial infidelity was uncovered, female intuition came to the fore - women suspected their partners

Why there is secrecy:
Security is a big reason for financial secrecy. Many women say they keep an account secret from a partner in case they were to split up.
Guilt is another reason people hide bank balance or credit card debt from a partner.

Some won’t forgive financial infidelity

Openness about more is more important for some than being faithful. Males are more likely to find financial infidelity to forgive than physical infidelity, the lastminute.com survey shows.

How to deal with financial infidelity
Lying can not only get you in financial trouble, it can also cause havoc in a relationship. Tips:
Devise a realistic financial plan. Having a plan will keep you and your partner from arguing for days on end on how you can solve your financial troubles.
Be accountable. You need to take responsibility of your actions by showing your spouse that you are doing all you can in cleaning up your mess.
Seek help. If you have bad spending habits or if you have a gambling addiction, you need to come to terms with your own issues.
 



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