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Banking / credit / debt
News Release from: Motley Fool | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 22 October 2007
Lying nation: the big money cover-up
Fool.co.uk reveals millions of Brits fib about their finances and purchases
A study released today by leading independent personal finance website Fool.co.uk reveals Brits propensity to lie to others and themselves about their money, leading to increased levels of stress and debt as they fail to face up to their financial situation:One in six (16%) Brits have lied about their debt situation One quarter (22%) of young people are dishonest about their debts
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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Over one in ten Brits (12%) don't open bank statements or other financial documents.
Almost a third (28%) fluff the cost of luxury items to make them seem less expensive One in five (20%) get so stressed about their financial situation they want to disappear.
The Let's Talk About Money study, which quizzed over 1,500 UK adults on how honest they are about their finances, aims to get the nation talking about the taboo topic and manage their money sensibly.Young People Dishonest about Debts.
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One in six (16%) of Brits have lied about their debt situation; however this rises to almost a quarter (22%; 23% respectively) in the 18-24 and 25-34 age brackets.
The 65+ generation are more honest, with only 7% admitting they lie about their debt.Young people are also more likely to lie about the cost of luxury items, with almost half (43%) of 18-24s admitting to slicing pounds off the price, compared with 17% of over 65s.Regional Liars.
Your postcode tells a lot about your propensity to lie about money issues.
Residents in the North East (20%) are the least likely to fib to make something look less expensive, compared to over a third (34%) in Wales and 39% of Londoners.
The Welsh are the most likely to lie about their debt situation, with a quarter (23%) claiming to have done this in the past, whilst those in the North West are more honest about their debts, with only one in ten (12%) likely to tell a fib to friends and family.Women Fibbers Women lead the way in the dishonesty stakes, with 34% claiming to pull the wool over people's eyes about high prices, compared to just 21% of men.
One in ten (9%) of women have also fluffed a price to make a product look more expensive.Lying to themselves.
Over one in ten Brits (12%) purposely don't open bank statements or other financial documents.
45-54s are most afraid of what they might find, with almost one in five (18%) keeping their statements sealed.
However it's the youngsters that are most likely to hide bank accounts from those close to them (15%).David Kuo, Head of Personal Finance at Fool.co.uk, says: 'It seems that what starts out as a little white lie about our shopping habits can quickly turn into a nasty black stain on our credit report if we don't talk openly about money.
It's a real shame that people feel they can't be open about their finances, especially with friends and family.
At Fool.co.uk we'd encourage the nation to be honest about their money matters.
It may not always be easy to do your dirty laundry in public, but it's preferable to being hung out to dry by creditors.
Chances are you'll be able to gain tips from others to help reduce debt and start saving! Psychologist Donna Dawson, says: 'It isn't surprising that money is such an emotive issue, because how we manage our money is a reflection of how well we're seen to be coping with life in general.
We lie about our financial problems in order to save face, and to avoid being regarded as greedy, disorganised, or out-of-control; all traits associated with over-spending or financial mismanagement.
Women lie more than men because Society has already deemed women to be the weaker sex when it comes to shopping, and no individual woman likes to be branded with a negative stereotype!.
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