People 'lie about how much they spend'
Published On 1 June 2007
People in the UK are buying items on credit cards and with cash and then lying to their partners about the product's true value, a new survey suggests.Data gathered by Halifax Home Insurance revealed that around 8.5 million people in the UK admitted to having lied to a partner about the real cost of something they purchased in the last year.
Typically, people undervalued goods by a total £772 each when they reveal costs to their loved ones. This means that there is a £6.5 billion annual deficit between the true and reported costs of consumer goods in the UK.
Over half (51 per cent) of the people questioned said that they hid the cost of purchases so they did not appear frivolous with money. Around two million people said they were too scared to tell their partner what the true costs of items were.
"Men and women are divided when it comes to their secret spending," explained Vicky Emmott, the senior manager of underwriting at Halifax Home Insurance.
"While women return from shopping trips pretending they have secured a bargain price for their Manolos and Jimmy Choos, men hide the price of stereos and plasma televisions."
A recent report from Scottish Widows showed that two out of every three people did not know how much money their family members and loved ones earn.
