3 of the Biggest Money Lies People Tell

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Honesty may be the best policy, but it appears that the topic of money brings out the inner Pinocchio in even the best of us.

Recently, Wells Fargo surveyed more than 3,400 adults in the U.S. as part of its Wells Fargo Money Study. Among other things, the survey revealed that 82% of Americans view money as a private topic.

However, when folks finally do open up about their finances, they aren’t always truthful. Here are the money topics about which they admit to changing the subject or telling fibs now and again.

1. How much they have saved

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Survey respondents who said they:

  • Have ever lied about this: 28%
  • Are reluctant to discuss this: 65%

Most Americans struggle to save. In fact, nearly one-quarter of us have no savings for emergencies, and 39% have less than a month of savings tucked away for such a crisis, according to the Consumer Financial Protection Bureau.

So, it’s easy to understand why so many people fib about how much they have in the bank. If you would like to boost your own savings, check out “9 Tips for Starting an Emergency Fund Today.”

2. How much they earn

Senior man with full wallet
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Survey respondents who said they:

  • Have ever lied about this: 26%
  • Are reluctant to discuss this: 62%

Money is often the yardstick that adults use to gauge how they measure up to peers, especially in America.

That’s too bad: There are things far more important in life than dollars and cents.

Nevertheless, almost all of us can relate to the temptation to occasionally inflate our financial status, especially when we are feeling insecure for one reason or another.

3. How much debt they have

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Survey respondents who said they:

  • Have ever lied about this: 27%
  • Are reluctant to discuss this: 56%

Carrying a lot of debt is embarrassing. It’s also commonplace.

While Americans might be getting a better handle on their debts these days, too many of us remain deeply in the red.

But we don’t have to stay there. For tips on reducing your debts, read “8 Surefire Ways To Get Rid of Debt ASAP.”

Other money lies people tell

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Here is a list of additional money fibs, along with the percentage of respondents who admit to lying about them:

  • Specific investments they have: 14%
  • Financial mistakes they have made: 23%
  • How much they spend on things: 32%
  • How much their home is worth: 7%
  • How much money they grew up with: 10%
  • How much their car cost: 8%

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