Here’s how many people tell ‘financial fibs’ — and what the lies are

Americans are telling more “financial fibs” due to the cost-of-living crisis — such as lying about earnings, purchases and loans taken out in secret.

According to a poll of 2,000 US adults, 71% tell a lie about something finance-related up to four times a month — with 73% admitting they’ve increasingly lied about money over the last two years.

As many as 35% have exaggerated how much they have in the bank, while 39% routinely downplay what they spend on specific items.

While 34% have kept how much they have in savings from their partner, and 33% have lied about their financial situation to get out of social events.

The study, commissioned by Trustpilot, found 42% have avoided the truth due to feeling guilty or embarrassed are their finances.

Others (51%) have done so in the hope people won’t expect them to buy things for them, and 37% have fibbed to avoid sympathy.

Friends and colleagues (both 14%) are the people they’re most likely to keep information from in relation to their money or finances.

And in some instances, it has come back to haunt them – 37% have fallen out with family, 43% with friends, while 41% have lost the trust of others as result of their dishonesty.

Encouragingly, most have turned to other people or tools for help and guidance – including news media (47%), review platforms (46%), and social media (46%).

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.

Americans are telling more "financial fibs" due to the cost-of-living crisis — such as lying about earnings, purchases and loans taken out in secret. — Americans are telling more “financial fibs” due to the cost-of-living crisis — such as lying about earnings, purchases and loans taken out in secret.

“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.

“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.”

As many as 40% have also split up with a partner over something finance-related.

However, the study – carried out by OnePoll – found 88% of those in a relationship claim they’re open with one another about their financial circumstances.