Are You Truthful about your Debts?

It seems that an increasing number of Brits are willing to tell porkies about the state of their finances, as a study by Axa reveals that 44% of those aged  25 to 44 have lied about money.

Overall we are more likely to mislead a partner, family member of friends about our finances, as has been admitted by one in three people. It seems that as money gets tighter during the credit crunch, we are more likely to be ‘economical’ with the truth about our debts. The over 55s are more likely to be truthful about their financial situation, with less than 25% admitting to any lies.

Axa have posted some of the most revealing confessions on their website, including:

  • “I spent £70 on a pot of face cream and decanted it into an Oil of Olay bottle!”
  • “I lied to my partner about my earnings because he wanted to live off my income.”

Alison Green of Axa commented: “In the current financial turmoil, people may be tempted to conceal the truth about their financial situation, but they are only deceiving themselves.”

If you find that you need to lie about your finances then maybe it is time to get some form of financial help. The One Advice team are on hand to offer you debt advice. We have access to a number of debt solutions, including debt management plans, bankruptcy, IVAs and repossession help.

Now has come the time to confess your financial sins, which I am sure that we are all guilty of from time to time. Use the comments section below for your confessions…