At a recent gathering of horse enthusiasts (i.e. a large group of women), conversation turned to the expenses that come with this hobby. I was surprised at how many of the ladies mentioned that their husbands had no idea how much money they spent on their “horse habit”. As a financial professional I was intrigued, so I a steered the conversation towards exploring this finding further.
I knew that for a variety of reasons, a large percentage of the women keep their finances separate to some degree from that of their husbands. This is very common for women who are in their second marriages as well as couples who are self-employed. But what was surprising was that some of the ladies in the discussion kept everything separate right down to alternating who payed for groceries, and they had no knowledge of what the other spent, invested or earned.