Nearly one in six have not told their partner - how much they have in savings

19 October 2023 , 12:08

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Nearly one in six have not told their partner - how much they have in savings

Some of the top financial fibs Brits have told to others include downplaying how much an item cost them (22%) – and hiding from their partner how much they have in savings (15%), research has revealed.

A survey of 2,000 adults found that almost a quarter (24%) admit they lie about their financial situation as often as four times a month.

Some other common mistruths include exaggerating how much money is in their account (17%), and claiming to earn less than they really do.

And while eight in ten (79%) claim to be completely open with their significant other about money matters, nearly half of the top 10 financial fibs Brits tell involve hiding things from their partner.

This includes going into their overdraft, secretly borrowing money or taking out a loan, and lending a significant amount of money to someone – all without their other half knowing.

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And one in ten claim to have fallen out with family, while 9% admit they have lost the trust of others, as a result of not being truthful about money.

Overall, two-thirds of those polled (67%) own up to having told a money mistruth – with 14% having lied about their finances in order to get out of social events.

Over two-thirds have told fibs about their financial situation - with a quarter doing so up to four times a month (SWNS)

The research 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 recent cost-of-living crisis has also had an impact, as 27% of those who have fibbed about their finances have done so more in the last two years, due to the economic climate.

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 also emerged colleagues (11%) and friends (10%) are among those from whom people are most likely to keep financial information.

For the most part, 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.

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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.

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:

1. Lied about how much they've spent on something (claiming to have spent LESS than they did)
2. Suggested they have less money than they do
3. Kept the amount of money they have in savings secret from their partner
4. Lied about their finances to get out of social events
5. Lied about how much they've spent on something (claiming to have spent MORE than they did)
6. Gone into their overdraft without telling their partner
7. Secretly borrowed money/taken out a loan without telling their partner
8. Lied about how much they earn (claiming to earn less than they do)
9. Lent a significant amount of money to someone without telling their partner
10. Had a secret credit card

Andrew Young