Financial Fibbing

According to recent surveys, most of us lie about money.  77% of parents say they’re not honest withtheir kids regarding their finances, and nearly half of Americans say they lieto their partners about money.  The mostcommon money lies are “hiding a purchase from your partner, claiming it wasbought on sale or asserting that something new was obtained long ago.”

So is it OK to lie?  Lying to children may sometimes be alright sothey won’t worry themselves about their parent’s financial problems or know fora fact that a parent can, in fact, afford that coveted item.  Lying to relatives may also be effective in avoidingrequests to borrow money.  Lying,however, is likely unnecessary. Psychology professor Robert Feldman says, “You can often just say, ‘It’sprivate, and I don’t want to talk about it.” 

SeeChris Taylor, Your Money-Is It Ever OK toLie About Money?, Reuters, Sept. 24, 2013.

Special thanks toJim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringingthis article to my attention.