7 Out of 10 People Lie About Money
A survey conducted for Money Magazine by Greenwald & Associates has determined that not only do we deceive others about money, but a lot of us do it. In fact, more than 7 out of every 10 of us is keeping a money secret of one type or another. According to the results, the survey shows that "these household secrets have less to do with greed than with simple insecurity. We want people to see us as we wish we were rather than as we fear we are."
The survey used 500 men and 500 women with a household income of $50,000 or more asking them about the different money deceptions that they used. These resulted in answers that revealed small, everyday secrets to major money deceptions. While the lies were usually not motivated by financial reasons, the consequences of the lies often bring about financial implications, most of which are negative. These include spending too much money, saving too little money, investing without doing the proper research and not planning financially for the future.
Some of the other findings from the survey:
**Approximately 50% of the people consider money a sensitive topic
**Approximately 30% of the people misrepresented their profession or financial success to family and friends
**Approximately 25% lied to others about money for personal gain: this included approximately 10% that understated their income and 12% that inflated charitable contribution when filing their taxes
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