Do people lie about money? Yes, they do. People would especially lie about their personal debt. In the UK, one in three consumers hides their money problems from family members whereas one in five consumers hides their debt from their own partner. The women were more likely to lie about clothing expenditure whereas the men, it was alcohol.
A research done on people aged 18 to 34 years, about 39% stated that either they had lied about money or they would. About four in ten young people would not hesitate to lie in order to fit in with friends.
The reason we lie
A possible reason why we tend to lie about money is due to the connection between our financial situation and how we view or handle ourselves. A lot of people unconsciously spend money to escape personal problems. Hence, money problems are actually problems with life issues and nothing to do with money. We use money as a scapegoat to release or distract us from our actual worries or problems.
Another possible reason is simply that people are badly managing their finances and do not understand how deeply in trouble they are. It is less painful to ignore money problems (in denial) compared to facing the full extent of a bad financial situation. Therefore people inadvertently lie about money; not knowing how bad is their actual circumstances.
I am sure everyone would agree that money is a sensitive issue. An American professor, Marian Friestad, Ph.D., stated that “In the United States, talking about money is harder than talking about sex.”
It does not matter whether a person has lots of money or very little money, seldom do we meet a person who is open about his personal wealth, money problems, spending habits, etc.
A person who has money problems, for example not paying bills, do not want to be viewed negatively by others like his close friends or relatives. This person will not be comfortable admitting to having money trouble and instead would lie about his real situation.
Well, it is one thing to lie to others but another thing to lie to ourselves. The important thing is to be honest with ourselves about our financial situation and to face any problems we have about money. Sooner or later, those problems will catch up on us whether we like it or not for “As you sow, so shall you reap” meaning we have to acknowledge the cost or consequences of our actions.