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Money Myths: How Honest Are We About Our Finances?

Talking about money can be uncomfortable, and having honest conversations—whether with others or ourselves—is often tricky. We asked 2,000 consumers in both the UK and the US about the financial fibs they’ve told, revealing just how truthful people are when it comes to spending.

UK and US Financial Fib Highlights

Here’s a breakdown of some common money mistruths told by consumers in the UK and the US.

  1. Downplaying the Cost of Purchases

    • 22% of UK and 39% of US respondents admitted to lying about spending less than they actually did.

  2. Inflating the Price

    • 8% in the UK and 36% in the US have exaggerated how much they spent on an item.

  3. Claiming Less Money Than They Have

    • 17% of UK and 31% of US respondents downplayed their financial situation, suggesting they had less than they really did.

  4. Keeping Savings Secret from Partners

    • 15% of UK and 34% of US respondents have kept the amount they have in savings hidden from their partners.

  5. Lying to Avoid Social Events

    • 14% in the UK and 33% in the US used financial fibs to skip social events.

  6. Borrowing Money Without Telling Their Partner

    • 7% of UK and 16% of US respondents admitted to secretly borrowing money or taking out loans without telling their partners.

  7. Lying About Income

    • 6% in the UK and 33% in the US have exaggerated their earnings, while 6% (UK) and 32% (US) have claimed to earn more than they do.

  8. Secret Credit Cards

    • 6% of UK and 26% of US respondents revealed they had a hidden credit card.

Why People Lie About Money

The top reasons people lie about money vary slightly between the UK and the US:

  • UK

    1. 26%: Felt guilty or embarrassed
    2. 18%: Didn’t want others to expect them to pay
    3. 16%: Didn't want others to feel sorry for them

  • US

    1. 51%: Didn’t want others to expect them to pay
    2. 42%: Felt guilty or embarrassed
    3. 42%: Didn’t want others to be angry

The Consequences of Financial Lies

Many respondents shared the impact of their financial fibs:

  • UK

    • 11% kept financial information secret from friends or family.
    • 10% fell out with family.
    • 9% lost the trust of others.

  • US

    • 14% kept financial information from friends or family.
    • 37% fell out with family.
    • 41% lost the trust of others.

Managing Your Finances

If you're looking to build healthier financial habits, check out reviews to ensure you’re getting trustworthy advice. Visit Brandtrustworthy’s banking and money category to explore resources and start your search for financial products and services that meet your needs.

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