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A study by Axa has found that more than one in three people admit to having misled a partner, friend or relation about the state of their finances. It also concludes the current dodgy state of the economy could be encouraging more and more of us to be 'economical' with the truth about how well off we are.
The research found folk doing everything from fibbing about the size of their income to concealing the purchase of luxury items. One man confessed to emptying his children's savings account and pretending the cash was a bonus, although it had actually been cancelled.
Psychologist, Andrew Kinder says "In the current climate, concealing expensive purchases or unwise investments from those closest to us is likely to exacerbate the problem. Coming clean can provide just the emotional spur we need to review all aspects of our income, expenditure and savings. This is the worst possible time to be in denial about your finances."
Apparently the biggest deceivers are in the 25 – 44 year old bracket, with 44 per cent confessing to financial falsehoods. The over 55s are the most honest with fewer than one in four confessing to dishonesty.
Well I'm 33 and I'm open about being skint. I just lie about my age. Ok I was 33 in 1994. I was skint then too come to think of it, but happy.
Andrew carries on cheerily: "With harsh times ahead, people are likely to be in an ongoing cycle of panic and denial. Now is the ideal time to come clean and kick-start a more proactive approach to managing your cash and planning for the future, so you are better placed to weather the storm".
Indeed.
Those top 10 confessions in full:
More from the AXA web site.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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