Nearly Half of Brits Have Fibbed About Their Finances | Prepaid365

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10 November 2014

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Nearly half of British adults have told some financial white lies, with a partner the one most likely to be on the receiving end, new research has revealed.

Some 48% of adults have fibbed about finances with 15% admitting they were most likely to do it to their partner as they wanted to hide something.

The type of thing that would lead to cover ups varied between the sexes, with women most likely to lie about the cost of clothing or shoes while men tend to lie about gadgets.

Women are nearly twice as likely as men have a secret stash of money such as a bank account that they keep hidden from their partner.

Hiding shopping sprees

Overall, women were more likely to hide their spending than men with secret shopping sprees the most common form of spending that would be lied about.

Some 19% listed this as their leading financial fib, with people saying “we bought it ages ago” or “it was in the sale” in a bid to cover their tracks – the truth in these instances was found to be different!

The younger generation was most guilty of fibbing about finances, as 61% said they had lied about money at some stage.

That compares to 38% of those aged 55 and over, showcasing the level at which people try to hide their spending form others.

Common financial fibs

The leading financial fibs for men related to levels of debt (16%) while women said they were most likely to lie about a purchase (23%) – compared to 14% of men that would do the same.

Interestingly, 14% of both men and women revealed they lie about the amount of savings they have while a similar number fib about the amount of money they have to spend.

Many people revealed they underplayed the level of savings they have available, rather than inflating the figure – although women were more likely than men to do this.

Nearly half of the Brits questioned also said they received a lower salary than they actually do, not wanting to reveal too much about their finances.

Managing spending in different ways

Financial management is extremely important so keeping spending in check with a prepaid card is a great way of ensuring you don’t spend more than you would like.

A prepaid card limits spending to the amount on the card at any given moment and is not directly linked to a bank account making funds safer.

The cards can easily be topped up or replaced if required while accounts can be checked regularly online if needed.

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