Over two-thirds have told a financial fib – with a quarter doing so four times a month | Personal Finance | Finance

More than two-thirds of adults have told a “financial fib” – lying about earnings, money spent on purchases, taking out secret loans, or keeping hidden savings accounts. A poll, of 2,000 adults, found 67 percent have told a mistruth relating to money in some way – with as many as 17 percent having exaggerated how much they have in the bank.

More than a fifth (22 percent) have downplayed what they’ve spent on specific items, while 15 percent have kept how much they have in savings from their partner. And 14 percent have lied about their financial situation to get out of social events.

The study, commissioned by Trustpilot, which has also blogged about the findings, found that 24 percent lie about something money-related up to four times a month.

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 percent 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 percent), so others won’t expect them to buy things for them (18 percent), and to avoid sympathy (16 percent).

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

But in some instances, telling financial fibs has come back to haunt them – with one in ten admitting they have fallen out with family, and nine percent having lost the trust of others as a result of their fibs.

Encouragingly, however, the study, via OnePoll, found 39 percent 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 percent with a partner claim they’re completely open with their other half about each other’s financial situations.

For the most part, though, 41 percent of those polled admit they’re “likely” to intentionally avoid talking about money matters with others.

And 35 percent 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.”