Brits ‘lying’ about finances

An increasing number of Britons are telling fibs about the state of their finances, new research has revealed.

According to a study by Axa, nearly half (44 per cent) of people aged 25 to 44 have lied about money.

Overall, one in three people have lied to their partner, family member or friend about their finances, the company stated, with the global economic downturn likely to exacerbate the problem.

Alison Green of Axa said: “In the current financial turmoil, people may be tempted to conceal the truth about their financial situation, but they are only deceiving themselves.”

She called on Brits to be “proactive” about debt management in order to “weather the storm” ahead.

This advice follows recent figures from the Insolvency Service, which showed the number of Britons filing for bankruptcy has increased by 12 per cent over the last three months.

It said that 275 people are declaring themselves bankrupt or insolvent each day.

By Tom Musk