October 19, 2023
A quarter of Brits tell ‘financial fibs’ up to four times a month - with 15 percent having hidden the amount of savings they have from their partner, Trustpilot research reveals
LONDON, UK - 19 OCTOBER 2023 - New research by global review platform Trustpilot today reveals more than two thirds of British adults have committed a 'financial fib' - having lied about earnings, how much they've spent on purchases, taken out secret loans, or kept hidden savings accounts.
A poll of 2,000 UK consumers 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 and 15 percent have kept how much savings they have from their partner; while 14 percent have lied about their financial situation to get out of social events. The study also found 24 percent of those polled will tell a lie about something money-related up to four times a month.
The recent cost of living crisis has also had an impact; 27 percent of those who've told mistruths about their finances having done this more in the last two years due to the economic situation. 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 emerged colleagues (11 percent) and friends (10 percent) are the people Brits are most likely to keep information from in relation to their money or finances. In some instances, telling financial fibs has come back to haunt them - 10 percent admit they have fallen out with family and nine percent admit they have lost the trust of others as result of their fibs.
Encouragingly however, the study 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.
Carolyn Jameson, chief consumer and trust officer at Trustpilot, 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.
"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 like Trustpilot, where you can see the real experiences of real people.”
Of those surveyed, 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 – with 35 percent admitting they’ve been guilty of ignoring and not addressing their own financial problems.
To read more about the financial fibs Brits tell each other, visit Trustpilot’s blog at trustpilot.com/blog/trends-in-trust/money-lies-survey-results.
Top 10 financial fibs Brits tell:
Lied about how much they’ve spent on something (claiming to have spent less than they did)
Suggested they have less money than they do
Kept the amount of money they have in savings secret from their partner
Lied about their finances to get out of social events
Lied about how much they’ve spent on something (claiming to have spent more than they did)
Gone into their overdraft without telling their partner
Secretly borrowed money/taken out a loan without telling their partner
Lied about how much they earn (claiming to earn less than they do)
Lent a significant amount of money to someone without telling their partner
Had a secret credit card
Trustpilot was founded in 2007 with a vision to create an independent currency of trust.
A digital platform that brings businesses and consumers together to foster trust and inspire collaboration. We are free to use, open to everybody, and built on transparency.
Trustpilot hosts reviews to help consumers shop with confidence and deliver rich insights to help businesses improve the experience they offer. The more consumers use our platform and share their own opinions, the richer the insights we offer businesses, and the more opportunities they have to earn the trust of consumers, from all around the world.
Over 238 million consumer reviews of businesses and products of over 980,000 domains have been posted on Trustpilot, and those numbers are growing by more than one review per second.
Trustpilot has over 850 employees and is headquartered in Copenhagen, with operations in London, Edinburgh, New York, Denver, Melbourne, Berlin, Vilnius, Milan, and Amsterdam.
For more information, visit https://www.trustpilot.com/.
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