From white lies about spending to secret gambling addictions and credit card debt, an alarming new survey from Compare the Market has lifted the veil on the troubling money problems Aussies conceal from their family and loved ones.
Recent research from the comparison service found that 34% of Australians had lied to their family or partner about their finances with the majority of those people – 40.35% – admitting they were dishonest about what they had been spending money on.
Compare the Market’s Economic Director David Koch said financial infidelity could have a serious impact on family life.
“I’ve been talking about finances for decades, and one thing that shocks a lot of people I speak to is how many of us keep financial secrets from loved ones,” Mr Koch said.
“The cost-of-living crisis has put a strain on our finances, we know it’s also impacting relationships right across the country.
“There’s a real push right now for people to save and stretch their money further and I’d hedge a bet that many of us feel shame or guilt for splashing on that morning coffee, buying a sneaky takeaway meal at lunch or even splurging on a new outfit.
“But being dishonest with our partners is an unhealthy habit that can have serious consequences if issues are left to snowball. If you have money problems, is it fair to hide them from your partner, especially if you are pooling money for a house deposit or other shared goal?
“If you have a lot of debt, and you have a partner or children that are financially dependant on you, you could find yourself having to make some very difficult and stressful choices that shouldn’t be delt with alone.”
- Around 1 in 5 (22.51%) said they told lies about how much they spend on clothes
- 08% were untruthful about what they spend on alcohol.
- Over 20% had concealed their gambling habits.
Mr Koch said many people remained unaware of how gambling could impact their chances of being approved for things like personal loans and home loans.
“You don’t want to get yourself into debt to try and cover any money you’ve lost through gambling,” Mr Koch said.
“Betting, gaming and excessive spending on lotteries can also hurt your chances of getting a home loan as many lenders see this as risky spending that could mean you’re not able to service a loan in future.”
Unfortunately, lying about where we’re spending money isn’t the only thing Australians are being dishonest with their loved ones about. Around a quarter of respondents had lied about the amount of savings they had, 1 in 10 had hidden bank accounts from their loved ones, while around 12% had lied about their salary. According to Koch, these types of secrets aren’t always kept with malice.
“There can be a real shame around money and some people try to protect their loved ones by pretending their finances are in a better shape than they really are,” Mr Koch said.
“I don’t know where this mentality came from, but we need to do a better job of reaching out for help if we need it.
“Whether you’re struggling with your mortgage repayments, falling behind on a utility bill or struggling to make another payment, know that hardship programs are often available. The scariest part is actually picking up the phone and asking for help if you need it.
“And when it comes to discussing finances with your partner or family, I always say that honesty is the best policy. If you’re making a purchase or keeping a secret that could impact other people, both parties have a right to know what’s going on – especially if you share a bank account, pay rent or mortgage with someone else or split bills with your partner.”
| Type of lie | Percentage of Australians surveyed who lie |
| I lie about how much I earn | 12.86% |
| I lie about what I’m spending money on | 40.35% |
| I lie about how much I spend on coffee and takeaway | 27.19% |
| I lie about how much I spend on clothes | 22.51% |
| I lie about how much I spend on gambling | 21.63% |
| I lie about how much I spend on alcohol | 16.08% |
| I lie about how much debt I’m in | 22.22% |
| I lie about having a credit card | 7.60% |
| I lie about the bank accounts I have | 11.40% |
| I lie about how much savings I have | 26.31% |
| I lie about what household bills are costing | 6.43% |
| I lie about what insurance premiums are costing | 3.21% |
*Survey of 1,006 Australian adults, conducted June 2024.
For more information, please contact:
Phillip Portman | 0437 384 471 | [email protected]
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