More than two-thirds of adults have told “financial fabrication” – lying about earnings, money spent on purchases, taking out secret loans or keeping hidden savings accounts. A survey of 2,000 adults found that 67 percent had lied in some way about money – and even 17 percent had exaggerated how much they had in the bank.
More than a fifth (22 percent) reduced what they spent on certain items, while 15 percent kept savings from their partners. And 14 percent said about their financial situation in order to get out of social events.
A study commissioned by Trustpilot, which is also blogged about the findingsfound that 24 percent lied about something related to money up to four times a month.
Carolyn Jameson, head of consumer and trust for the online review platform, said: “Talking about money has never been easy, and socially it can be a divisive topic – particularly in the current economic climate.
“Some may feel the need to exaggerate their circumstances to impress others, while some may be embarrassed about 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’s really important to be able to talk to others, whether it’s your partner, a friend or an independent professional.”
The recent cost of living crisis also had an impact, as 27 percent of those who fiddled with their finances did so more in the past two years, due to the economic climate.
Reasons for not always telling the truth include feeling guilty or embarrassed (26 percent), so others won’t expect them to buy something (18 percent) and avoiding sympathy (16 percent).
Colleagues (11 percent) and friends (10 percent) were also found to be among those people are most likely to keep financial information from.
But in some cases, talking about financial fraud has come back to haunt them – one in ten admits to falling out with family, and nine percent have lost the trust of others because of their fraud.
However, encouragingly, the study, conducted by OnePoll, found that 39 percent would be open to using review platforms to find trusted professional services and tools – to help them feel more comfortable about their finances.
Of those surveyed, 79 percent of them and their partners claim that they are completely open with their other half about their mutual financial situation.
For the most part, however, 41 percent of those surveyed admitted they would “probably” purposely avoid discussing money matters with others.
And 35 percent admit they’ve been guilty of ignoring and failing to address their own financial problems—which only made matters worse for the half of adults who did.
Carolyn Jameson added: “There are a growing number of resources that claim to help those who struggle with money management overcome their fears and build a healthier financial future.
“On the surface, this sounds great – but it can be overwhelming to figure out who to trust.
“A great way to find the most reliable services that truly deliver on their promises is to check independent review platforms.”