Women are more deceitful about money than men

7 November 2014

Women lie more about their finances than men, a recent survey has found. It also indicates that, as a nation, around half of us (48%) admit to 'fibbing' about our money - how much we spend, how much we save, how much we make.

But while we're used to tales from the divorce courts of wealthy husbands hiding assets from their exes, Standard Life's research reveals that women are nearly twice as likely as men to have a secret stash hidden away (9% of women, 5% of men).

More generally, women are also more likely to tell 'white lies' about their finances to their partners (51% compared to 44%).

Somewhat predictably, secret shopping sprees are the most common money-related lie. Examples of how women may bend the truth about purchases include telling their partner they 'bought it ages ago' or that 'it was in the sale'.

Meanwhile, men are most likely to lie about how much debt they have and more likely to fib about what they owe than women (16% versus 14%).

When it comes to savings, men and women are just as likely to lie (14%). However, two-thirds (65%) of the fibs involve downplaying the amount saved. Women are the most modest, with 72% understating how much they've put away, compared to 58% of men.

Some 7% of Brits also admit to 'salary subterfuge', with nearly half of those people telling family or friends they earn less than they really do.

Overall, the young are most likely to lie about their finances with 61% of 18 to 24–year-olds doing so, compared to 38% of those aged 55 and over.

Standard Life's consumer finance expert Julie Hutchison said: "The first step to a positive financial future is to be honest with yourself about the state of your finances.

"If you are telling financial fibs to your nearest and dearest, the likelihood is that you are not being totally honest with yourself either. And if you feel the need to tell lies about the state of your finances, this probably indicates they aren't completely shipshape."

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