Money can be an uncomfortable subject and honest conversations with others (and with ourselves) can be tricky. We asked consumers* about the financial fibs they’ve told to learn more about how truthful we are when it comes to spending.
UK Highlights
US Highlights
Top financial fibs
Here’s a break down of the common money mistruths UK and US consumers have told.
Said they spent less on something than they really did
If you’ve ever splashed out on an item and downplayed the real cost you’re not alone: 22% of UK and 39% of US respondents say they have lied about spending less on something than they actually did.
Claimed to have spent more than they did on something
On the other side of the coin, some people couldn’t resist tapping into their expensive taste and bumping up the true cost of a purchase, 8% in the UK and 36% in the US to be exact.
Suggested they have less money than they do
Concealing how much money they have is a common mistruth, with 17% in the UK and 31% in the US downplaying the size of their bank balance.
Kept the amount of money they have in savings secret from their partner
Not everything needs to be shared according to 15% (UK) and 34% (US) of respondents.
Lied about your finances to get out of social events
A quiet night in has called for a little lie for 14% in the UK and 33% in the US.
Secretly borrowed money/taken out a loan without telling their partner
Borrowing money without telling their partner wasn’t a red flag for 7% of UK and 16% of US respondents.
Lied about how much they earn
As many as 6% per cent in the UK and 33% in the US have exaggerated how much they take home each month. On the other hand, 6% (UK) and 32% (US) have said they earn more than they do.
Had a secret credit card
Concealing credit was an admission made by 6% of UK and 26% of US respondents.
Recommended reading: Six questions to help you create a financial plan
Top reasons people ever lied/fibbed about money
UK
1. 26% Because I felt guilty and embarrassed
2. 18% So people wouldn’t expect me to pay for things for them
3. 16% So others wouldn’t feel sorry for me
4. 16% Because I thought others would be angry
5. 15% I felt pressure to
US
1. 51% So people wouldn’t expect me to pay for things for them
2. 42% Because I felt guilty and embarrassed
3. 42% Because I thought others would be angry
4. 39% To impress others
5. 37% So others wouldn’t feel sorry for me
What happened when they fibbed/lied over something finance related?
UK
11% Have kept information in relation to their finances from friends and family
10% Fell out with family
9% Have lost the trust of others
US
14% Have kept information in relation to their finances from friends and family
37% Fell out with family
41% Have lost the trust of others
If you’re looking for resources to help you manage your money and build a healthier financial future be sure to check reviews to be sure you get what you need. Visit our banking and money category to start your search.
*Based on a poll of 2,000 UK and 2,000 US consumers.
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