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Keeping up with the Joneses can be exhausting.
A survey conducted by BDO Canada Limited found that one of the main reasons people bend the truth about their money is that they feel pressure to keep up appearances.
Almost half of all Canadians – 49% – lie about their financial situations, and British Columbians are even more likely (61%) to bend the truth.
There are many other reasons people exaggerate when talking about their pecuniary circumstances, with the main one being pride and not wanting to feel like a failure. Several respondents said they were concerned with parental and family expectations.
More than a third of those surveyed say they lie to protect loved ones.
These untruths – or half-truths – can take different forms. Almost half of all surveyed said they tell “white lies.” Some Canadians tell people they are in excellent financial shape when they actually are not. Others exaggerate to make themselves look better.
Lying about their levels of savings was found to be the biggest aspect (51%) people lie about. This is followed by misrepresentations about retirement plans (48%) and bills and expenses (46%).
Who is telling these lies? The survey found that men lie slightly more than women (54% compared with 47%). Canadians in the 35-54 age demographic were more likely than those 55+ or 18-34 to misrepresent their finances
So the next time you hear someone boast about their riches, feel free to take this information with a grain of salt.
