Friday, September 27, 2013
According to recent surveys, most of us lie about money. 77% of parents say they’re not honest with their kids regarding their finances, and nearly half of Americans say they lie to their partners about money. The most common money lies are “hiding a purchase from your partner, claiming it was bought on sale or asserting that something new was obtained long ago.”
So is it OK to lie? Lying to children may sometimes be alright so they won’t worry themselves about their parent’s financial problems or know for a fact that a parent can, in fact, afford that coveted item. Lying to relatives may also be effective in avoiding requests to borrow money. Lying, however, is likely unnecessary. Psychology professor Robert Feldman says, “You can often just say, ‘It’s private, and I don’t want to talk about it.”
See Chris Taylor, Your Money-Is It Ever OK to Lie About Money?, Reuters, Sept. 24, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.