Nearly one in five Brits (17%) have exaggerated how much money is in their bank account, while 15% have not been honest with their partner – about how much they have in savings, a study has found.
A study of 2,000 adults found that some of the most common financial fibs they have told include lying about how much they spent on an item – claiming they either spent more or less than they really did. And 14% have tried to get out of a social event by fibbing about their finances.
Over two-thirds of those polled (67%) have told a money-related mistruth at some point – with 24% admitting they do so as many as four times a month.
In fact, 27% do so more frequently now compared to two years ago, in light of the cost-of-living crisis – with over a quarter (26%) feeling embarrassed or guilty about their financial situation.
And 16% fib to avoid sympathy – while 18% do so because they don't want others to expect them to buy things for them.
The survey was commissioned by Trustpilot, which has also blogged about the findings.
And Carolyn Jameson, chief consumer and trust officer for the online reviews platform, said: "Conversations about money have never been easy, and socially it can be a divisive subject – particularly in the current economic climate.
"Some may feel the need to exaggerate their circumstances to impress others, while some could be embarrassed by their finances – and others simply don’t want to face the reality of their situation.
"But if you lie to loved ones – or even yourself – you could find yourself in trouble, so it really is important to be able to talk to others, whether that’s your partner, a friend, or an independent professional."
The research also found that colleagues (11%) and friends (10%) are among those from whom people are most likely to keep financial information.
And in some instances, telling financial fibs has come back to haunt them – with one in ten admitting they have fallen out with family, and 9% having lost the trust of others as a result of their fibs.
Encouragingly, however, the study, via OnePoll, found 39% would be open to using review platforms to find reliable professional services and tools – to help them feel more comfortable about their finances.
Of those polled, 79% with a partner claim they’re completely open with their other half about each other’s financial situations. For the most part, though, 41% of those polled admit they’re "likely" to intentionally avoid talking about money matters with others.
And 35% admit they’ve been guilty of ignoring and not addressing their own financial problems – which has only made matters worse, for half of adults who have done this.
Carolyn Jameson added: "There are increasingly more resources out there that claim to help those struggling with money management to overcome their fears, and build a healthier financial future.
"On the face of it, this sounds great – but it can be overwhelming to figure out who to trust. A great way to find the most reliable services, which genuinely deliver on their promises, is by checking independent review platforms."
TOP 10 FINANCIAL FIBS:
- Lied about how much they've spent on something (claiming to have spent LESS than they did)
- Suggested they have less money than they do
- Kept the amount of money they have in savings secret from their partner
- Lied about their finances to get out of social events
- Lied about how much they've spent on something (claiming to have spent MORE than they did)
- Gone into their overdraft without telling their partner
- Secretly borrowed money/taken out a loan without telling their partner
- Lied about how much they earn (claiming to earn less than they do)
- Lent a significant amount of money to someone without telling their partner
- Had a secret credit card
