Brits lie about money, study shows

Fri, 19 Oct 2007

Millions of UK residents regularly lie about their financial situation as they wish to appear more fiscally secure, a new study has revealed.

Data supplied by The Motley Fool, a financial services advice company, showed that one in six Britons have told fibs about their current level of debt . This may include products such as credit cards and personal loans .

Furthermore, the trend is greater among young people, with 22 per cent of this demographic admitting to this act. Many of these could be students, who face higher level of borrowing on student loans .

Meanwhile, 12 per cent of those questioned said they ignore documentation of their financial services, such as statements.

David Kuo, head of Personal Finance at Fool.co.uk, says: "It's a real shame that people feel they can't be open about their finances, especially with friends and family.

"Chances are you’ll be able to gain tips from others to help reduce debt and start saving ."

The news comes after recent Shelter research revealed many mortgage-holding Britons are using credit cards to make repayments, something that several financial services experts have since warned against.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.