Fibbing and fiction: People love to lie about money
WalletHub: 58% of Americans have financial secrets
(InvestigateTV) — About 40% of Americans report they lie about money frequently, a recent WalletHub survey found.
WalletHub Managing Editor John Kiernan said the survey was really eye opening.
Around 43% of those surveyed said they lie about large purchases – maybe not being truthful about how much they really spent – and 42% admitted to lying about their income.
“31% of people lied about an inappropriate purchase. That could be a whole range of things. It’s kind of the eye of the beholder what’s inappropriate,” Kiernan explained. “Some people do not want to divulge that they’ve made purchases, something that’s kind of personal, I guess I’ll say.”
He said the lying means money is still a taboo topic to a lot of people. Money, religion and politics all still go together as topics people are skipping at the dinner table.
The survey also found there’s still a lot at stake with being secretive about money.
“We found that 53% of people said they would break up or get a divorce over financial problems,” Kiernan shared. “So maybe a lot of people are trying to prevent what they know might be a bad act if they’re completely honest.”
Kiernan said open communication in a relationship is key. Couples should put it all on the table early on. Also, as things get more serious, couples should make a plan on what accounts they are going to share or not share.
He said it’s good within reason to be honest as a relationship gets more serious, especially if it’s leading to marriage.
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