Survey: 1 in 10 financially bullied by significant other
There are bullies on the playground, in the classroom and at the office. Or perhaps right beside you at home.
Financial bullying among couples, whether they're married or not, is a less visible but insidious type of intimidation and control. It can take many forms, from withholding money from a spouse's bank account to demanding to see receipts for every shopping trip.
And it may be more common than we think. One in 10 respondents say their spouse or partner is a financial bully, according to a recent survey of 1,036 couples by CreditKarma.com, a personal finance website based in San Francisco.
“It's eye-opening. A lot of people don't realize the things that could be construed as bullying,” said Greg Lull, CreditKarma's vice president of analytics.
With money often cited as one of the top causes of divorce, it can be extremely important to sort out the financial conflicts that trouble a marriage or long-term relationship.
“It comes down to using money as a weapon of power,” said Peter Cole, a Sacramento financial consultant and marriage therapist. “Financial abuse is used in almost identical ways to verbal, sexual or physical abuse — to control somebody and express anger and unresolved emotions.”
He has seen couples in which the wife was berated for any purchase beyond groceries. In another case, one spouse had access to the other's 401(k) retirement account and secretly used it to invest in highly speculative stocks that drained the $500,000 account to nearly nothing.
“What happens with financial bullying is that communication has been really stymied,” said Cole, an assistant clinical professor of psychiatry at the University of California-Davis medical school. All too often, financial and emotional issues overlap, he said.
When there's a clash of money management styles, it can breed resentment, arguments and worse. One partner thinks nothing of maxing out credit cards and never worries about paying bills on time. The other partner is horrified by overspending, late fees and other uncertainties.
The holidays — when it's easy to get swept up in a gotta-spend-money, gift-buying frenzy — can be especially trying.
In a recent survey of couples' holiday spending, more than a third of married couples say they disagree on, lie about or hide their holiday spending. Specifically, more than 50 percent said they've paid with cash to conceal a large purchase and more than 10 percent took out a credit card in their own name to hide their spending, according to the survey by McGraw-Hill Federal Credit Union, a New Jersey-based network of East Coast credit unions.
A lot of it simply is how we were raised. Someone who grew up in a frugal household can't understand why their partner spends so freely, which feels wasteful and financially risky. On the other hand, the person who grew up with plenty of money “cannot understand why their partner is being such a control freak,” Cole said. “A lot of times, they just stop talking about (money), but they're disgruntled with each other.”
Miscommunications and misunderstanding may not rise to the level of financial abuse, but they can cause tension and bad feelings. The cure, experts say, is to talk: Talk about your past and how it affected your attitude toward money. Discuss a budget and establish shared priorities on spending. Listen to one another in order to reach compromises. And, experts say, these conversations should take place in a calm setting, not while you're still steamed up over the latest Visa bill.
For instance, one spouse may resent what the other spends on clothes for work. But if a professional wardrobe is important to that person, then a couple need to find a compromise — an amount of spending that each can live with. Or a stay-at-home parent may feel bullied about everyday purchases by a working spouse who is stressed as the sole wage-earner. In that case, Cole said, they need to sit down and listen to each other's worries and concerns. It may be helpful for them to do the grocery and household shopping together. Or take a joint look at the checkbook, in order to get a handle on financial realities and shared priorities.
“The key is to communicate with each other so you're aware of each other's needs and pressures,” Cole said.
There are many routes to financial harmony. It might require working with a marriage counselor or a financial adviser to untangle the unhealthy patterns and habits involving money.
Couples can obtain help through nonprofit credit counseling centers, such as the National Foundation for Credit Counseling at 800-388-2227.
Some churches offer money management workshops for couples, and some nonprofits offer counseling on marital communication. If the financial bullying is extreme, anger management classes or other professional help may be in order.
Tech-savvy couples may prefer using sites such as CreditKarma or Mint.com, which let you track your finances together, follow spending patterns and set financial goals.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Wolf reverses Corbett, says deal between Highmark, UPMC doesn’t limit continuity of care to very ill
- Alcoa may close or sell some aluminum plants to cut costs
- Apple to replace AT&T in Dow
- Unemployment rate continues to drop as U.S. adds 295K jobs
- AbbVie to buy leukemia drugmaker Pharmacyclics for $21 billion
- Big banks’ levels of capital strong, Federal Reserve finds
- Race toward bigger phones eases
- Researchers: U.S. lacks proving ground for nuclear energy innovations
- Impact fees garner support from state community leaders
- Corporate food masquerades as hipster fare
- Americans see improved job market but a vulnerable economy, Pew poll finds