MORE than two thirds of adults have committed a “financial fib” – lied about earnings, money spent on purchases, taken out secret loans, or kept hidden savings accounts.
A poll of 2,000 adults found 67% have told a mistruth relating to money in some way.
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As many as 17% have exaggerated how much they have in the bank.
More than a fifth (22%) have downplayed what they’ve spent on specific items and 15% have kept how much savings they have from their partner.
While 14% have lied about their financial situation to get out of social events.
Commissioned by Trustpilot, which has also blogged about the findings, the study found 24% lie about something money-related up to four times a month.
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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, 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 recent cost of living crisis has also had an impact – 27% of those who’ve fibbed about their finances have done this more in the last two years due to the economic climate.
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Reasons for not always telling the truth include feeling guilty or embarrassed (26%), so others won’t expect them to buy things for them (18%), and to avoid sympathy (16%).
It emerged colleagues (11%) and friends (10%) are among those people are most likely to keep financial information from.
In some instances, telling financial fibs has come back to haunt them – 10% admit they have fallen out with family and 9% admit they have lost the trust of others as result of their fibs.
Encouragingly however, the study 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.
With 35% admitting they’ve been guilty of ignoring and not addressing their own financial problems – which has only made matters worse 50% of adults who’ve done this.
Encouragingly, 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 my finances.
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.
“Which on the face of it 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.”
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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 your 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
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