Growing number of Britons lie about their debt

Trust and honesty may form the foundation of a strong relationship, but not when it comes to debt.

In a study released by AXA, 40 per cent of Britons will lie to their partner, friends or family rather than reveal the true state of their personal finances.

Almost a quarter of adults (12.2 m) are hiding any sign of debt, including overdrafts, credit card statements and store card loans, raising concern over the health of Britain’s personal finances.

AXA estimates that there is potentially £50.1bn worth of hidden debt in the UK. On average, that’s more than £4,000 per person.

Financial situation ranks third on the list of what people would most likely lie about, behind the number of former sexual partners and the total amount spent on shopping.

“Be that through embarrassment, fear or in some cases ignorance,” said Alison Green of AXA.

“The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives.”

According to the research, those aged between 19 and 30 are most likely to have hidden debt and therefore lie about it.

However, the group with the highest levels of debt are between the ages of 36 and 40, who on average have over £5,800 of debt stowed away.

Women are more likely to lie about shopping while men will hide how much they spent on alcohol.

More interestingly, however, more men than women lie about their debt, though on average women hide higher amounts.