New research has shown that one in three Brits have lied to friends, relatives and partners about the state of their financial affairs.
According to AXA, more people are feeling the need to bend the truth because of the global economic downturn and most of them are aged between 25 and 44.
Lies ranged from hiding the purchase of luxury items to altering the amount received in a pay packet.
Psychologist Andrew Kinder said: "In the current climate, concealing expensive purchases or unwise investments from those closest to us is likely to exacerbate the problem."
Alison Green of AXA added that now is a good time for people to "come clean and kick-start a more proactive approach to managing your cash".
Previously, the Consumer Credit Counselling Service said that those people who are cutting back on the purchase of luxury items have the right attitude towards the credit crunch.
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