October 20, 2023
Over seventy percent of Americans tell ‘financial fibs’ up to four times a month — with 34 percent having hidden the amount of savings they have from their partner, Trustpilot finds
NEW YORK, US – October 20, 2023, For immediate release – New research by global review platform Trustpilot today reveals almost every American adult has committed a 'financial fib' — having lied about earnings, how much they've spent on purchases, and taken out secret loans.
A poll of 2,000 US adults found 94 percent haven’t been entirely honest about their finances at one time or another. As many as 35 percent have exaggerated how much they have in the bank, while 39 percent routinely downplay what they spend on specific items. 34 percent of respondents have kept how much savings they have from their partner, and 33 percent have lied about their financial situation to get out of social events.
The recent cost of living crisis has had an impact with 73 percent having increasingly fibbed about their finances during the last two years. What’s more, 71 percent of those polled will tell a lie about something finance-related up to four times a month. Reasons for not always telling the truth include feeling guilty or embarrassed (42 percent), so others won’t expect them to buy things for them (51 percent), and to avoid sympathy (37 percent).
It emerged friends and colleagues (both 14 percent) 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 percent have fallen out with family, 43 percent with friends, while 41 percent have lost the trust of others as a result of their financial fibs.
Encouragingly, most have turned to other people or tools for help and guidance — including news media (47 percent), review platforms (46 percent), and social media (46 percent).
Carolyn Jameson, Chief Consumer and Trust Officer at Trustpilot, said: “Conversations about money have never been easy and, socially, it's 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 that 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, as many as 40 percent have split up with a partner over something finance-related. However, 88 percent with a partner claim they’re open with their other half about one another’s financial circumstances. For the most part though, 74 percent of those polled admit they’re ‘likely’ to intentionally avoid talking about money matters with others, with 72 percent admitting they’ve been guilty of ignoring and not addressing their own financial problems — which has only made matters worse for 52 percent of Americans who’ve done this.
To read more about the financial fibs Americans tell each other, visit Trustpilot’s blog at trustpilot.com/blog/trends-in-trust/money-lies-survey-results.
Top 10 financial fibs Americans tell:
Lied about how much they’ve spent on something (claiming to have spent less than they did)
Lied about how much they’ve spent on something (claiming to have spent more than they did)
Suggested they are more well off than they are in terms of savings and investments
Kept the amount of money they have in savings secret from 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)
Lied about their finances to get out of social events
Secretly dipped into joint savings to buy something without telling their partner
Lied about how much they earn (claiming to earn more than they do)
Gone into their overdraft without telling their partner
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/.