Thursday, November 21, 2024

A quarter of Brits have lied to family and friends about their personal finances

A quarter of Brits have lied to family and friends about their personal finances

A quarter of Brits have lied to family and friends about their personal finances, a study has found.

A poll of 2,806 adults also found 11 per cent have lied to their partner about how much debt they have.

And 23 per cent have fibbed to their partner about money in general, leading to 37 per cent having arguments about their finances.

And six in 10 believe it’s important to know your partner’s financial status before committing to them.

The research was commissioned by Lloyds Bank, who have launched ‘The M-word’ campaign to destigmatise talking about money.

They have also partnered with counselling service Relate, to launch a series of ‘The M-word Courses’ to help people talk about money at key life stages.

Professor Tanya Byron, consultant clinical psychologist and Relate Patron said: “While we’ve become more comfortable talking about subjects like mental health in recent years, money is still a taboo subject for many of us, and people are shying away from important conversations as a result.

“Feelings about money can be strong, but conversations about money – even difficult ones – don’t have to lead to arguments.

“Talking openly about money can help us take shared responsibility, strengthen our relationships, and protect our mental wellbeing.”

Fourteen per cent of Brits have also lied to their partner about how much they’ve spent on a single item.

A further 43 per cent feel embarrassed to talk about our personal finances with family and friends – with the figure rising to more than half of under-45s.

But despite this, three fifths of respondents said they feel better when they do open up and talk about their money concerns.

A third of UK adults have felt stress or anxiety about money in the last month, with 18-24-year-olds feeling it more than anyone else.

Lloyds Bank’s spokesperson Catherine Kehoe added: “Whether you’re getting married or talking to your parents about their retirement plans, it’s good to talk about money.

“Being open about our finances can help avoid problems in the future.

“By focusing our efforts on the M-Word we hope that this campaign will help start the conversation in families and make people more comfortable talking about money matters.”

A range of advice and guidance for customers, created in partnership with Relate, is also available in-branch and will be regularly updated online at www.lloydsbank.com/mword