YOUR MONEY-Is it ever OK to lie about money?

Tue Sep 24, 2013 7:59am EDT
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By Chris Taylor

NEW YORK, Sept 24 (Reuters) - Lying to a spouse, or a parent, or a kid about one's financial affairs? Terrible idea.

But there are absolutes, and then there is real life. Real life is messy sometimes, and confusing, and not always what you wanted.

And in real life, most of us lie about money. A lot.

According to one survey from the Baltimore-based fund shop T. Rowe Price, 77 percent of parents say they are not always honest with their kids about finances. Fifteen percent fudge the truth at least once a week.

When it comes to spouses, nearly half of Americans lie to their partners about money, according to research on "financial infidelity" by and Self Magazine.

Which begs the question: Is it ever OK to lie about money?

"Sure," says Mark La Spisa, president of Vermillion Financial Advisors in South Barrington, Illinois. "Money is private, and you are not obligated to share all your financial information with every family member. In fact, sometimes talking too much about money can open you up to be a victim."   Continued...