One in five Australians are financially cheating on their loved ones by lying to them about money, according to recent research from Compare the Market.

Of the 21% of Australians surveyed who admitted to fibbing to their partner or family about finances, a third (33%) said they were dishonest about what they spend their money on.

One in four (25%) revealed they lie about how much debt they have, while a similar number (24%) said they’d been untruthful about how much they’d spent on coffee and takeaway meals.

Compare the Market spokesperson Sarah Orr said fear and stress about money challenges had been exacerbated by the cost-of-living crisis.

“The cost of everything from insurance to energy bills, petrol and groceries has gone up and that’s added pressure on relationships where finances may be a concern,” Ms Orr said.

“Money can be a sensitive topic at the best of times and some couples may avoid it completely. There may be a temptation to conceal spending habits we think our loved ones wouldn’t agree with.

“For example, addictive binge-style spending and things like gambling can be extremely disruptive where couples are working through challenges like debt or saving money towards a bigger goal.

“There can be a lot of shame and guilt opening up about these issues but we know that being dishonest can cause more harm in the long-term, especially where debts are allowed to snowball.

“If you share a bank account, mortgage, split bills or pay rent with a loved one, you shouldn’t be keeping them in the dark.”

Compare the Market’s research found that:

• Around one in five (19%) lied about spending on clothes
• 14% are dishonest about gambling
• 9% were untruthful about what household bills truly cost

Ms Orr said help was available and encouraged people experiencing financial hardship to take action.

“Try starting a conversation with your partner about your concerns and make sure you’re on the same page about bad behaviours you’d like to change,” Ms Orr said.

“All the big service providers have hardship programs to help you get back on track. If you’re falling behind on your bills, you can contact your bank, insurer, energy retailer or utility provider, and ask to go through your options.

“It’s not a good idea to take out additional debt or loans to cover your existing debts, as high interest rates on these accounts risk pushing you even further into debt.

“And, if you are looking to purchase a home with a partner down the track or take out a personal loan, things like gambling, credit cards and debts could hinder your chance of getting approval, as you may be seen as a riskier borrower. This is something to keep in mind while cleaning up your finances.”

Financial institutions and utility companies may be able to offer help, including:

• Access to hardship programs
• Payment extensions
• Moving you to a different plan or deal
• Offering financial education

Australians can access free financial counselling via the National Debt Helpline on 1800 007 007.

“It’s never okay for someone to restrict access to your money, manipulate your decisions around money or spend your money without your knowledge or consent,” Ms Orr said.

If you believe you, or someone you know, may be experiencing financial abuse, you can access free support services by phoning 1800 RESPECT.

*Survey of 1,010 Australian adults, conducted December 2024.

For more information, please contact:  

Phillip Portman | 0437 384 471 | [email protected]

Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.

Data for journalists: What Aussies who lie about money are lying about:

I lie about what I’m spending money on: 32.86%

I lie about how much debt I’m in: 24.88%

I lie about how much I spend on coffee and takeaway: 23.94%

I lie about how much savings I have: 23%

I lie about how much I earn: 22.53%

I lie about how much I spend on clothes: 19.24%

I lie about how much I spend on alcohol: 14.08%

I lie about how much I spend on gambling: 13.14%

I lie about having a credit card: 11.73%

I lie about what household bills are costing: 8.92%

I lie about the bank accounts I have: 7.51%

I lie about what insurance premiums are costing: 2.81%

*Survey of 1,010 Australian adults, conducted December 2024.