Three quarters of Americans tell ‘financial fibs’ – and it’s getting worse | Entertainment

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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. 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. TOP 10 – FINANCIAL FIBS: 1. Lied about how much they’ve spent on something (claiming to have spent less than they did) 2. Lied about how much they’ve spent on something (claiming to have spent more than they did) 3. Suggested they are more well off than they are in terms of savings and investments 4. Kept the amount of money they have in savings secret from their partner 5. Secretly borrowed money/taken out a loan without telling their partner 6. Lied about how much they earn (claiming to earn less than they do) 7. Lied about their finances to get out of social events 8. Secretly dipped into joint savings to buy something without telling their partner 9. Lied about how much they earn (claiming to earn more than they do) 10. Gone into their overdraft without telling their partner You can read more about the survey findings here: [https://www.trustpilot.com/blog/trends-in-trust/money-lies-survey-results].

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