Lots of baby boomers admit to hiding accounts

Posted by Lauren S. CohenFeb 22, 20170 Comments

Financial infidelity can do all sorts of harm to a relationship. There are many different forms of such infidelity. One is hiding an account (such as a credit card or bank account) from one's partner.

How common is such account hiding? A recent study looked at the likelihood of having engaged in such conduct among different age groups. According to the study, hiding accounts from a partner at some point was something:

  • 3 percent of people in the silent generation admit to.
  • 11 percent of individuals on the older end of the baby boomer generation say they have done.
  • 5 percent of individuals in generation X say they have done.
  • 3 percent of people in the millennial generation admit to.

One wonders why older baby boomers showed such a high likelihood of having engaged in account hiding. What do you think are some of the biggest temptations for financial infidelity that come up for baby boomers? What recommendations would you make for older couples when it comes to trying to prevent this or other types of financial infidelity?

When an adult of any age is getting divorced, there are many finance-related concerns they might have. Among these are concerns over whether their spouse engaged in account hiding during the marriage and might continue such hiding during the divorce to try to deprive them of assets. Checking for hidden accounts and other facets of making sure one has a full picture of the assets in the martial estate can have many complex aspects. Skilled lawyers can help divorcing individuals with these issues and other matters related to trying to ensure they are treated fairly in financial matters in their divorce.

Source: CBS MoneyWatch, “Financial infidelity: Baby boomers are the sneakiest,” Aimee Picchi, Feb. 8, 2017