New research confirms what I’ve always known: It doesn’t matter if you’re man or woman, young or old. Everyone gets uncomfortable about money.

I read a new poll about Millennials and Gen Zers. The headline was, “When It Comes to Money, No One is Being Honest.” The researchers from Accrue Savings and Decode M wrote “Everyone is lying, at least sometimes. Only a small percentage of younger generations says that they never lie about their financial situation.”

People just don’t like telling the truth about their finances. Even to their closest family. And sometimes especially to their closest family.

Maybe they’re embarrassed. Maybe they’re trying to keep loved ones from worrying. Or maybe they’re just greedy and want to keep everything for themselves. While the truth would cause emotional suffering, the lying is causing financial suffering.

Here are the percentages of those who say they never lie (although I wonder if they’re lying!)…

  • 15% of Gen Z
  • 18% of Millennials
  • 27% of Gen X
  • 58% of Baby Boomers

Interestingly, the researchers don’t explain why younger people lie more about their finances than older people – although let’s not forget that even for the oldest people, a lot of lying is going on. But the poll did ask some questions that suggest the reasons.

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For example, “50% of Millennials, and 43% of Gen Z, state that they are overwhelmed by saving money.” In my experience, no one likes to admit they’re overwhelmed, regardless of their age. But younger people have grown up through the Great Recession, a pandemic, and now record inflation.

Plus, a lot of Millennials told researchers they also blamed “taking on too many student loans.” That makes sense, since the total amount of student loans is over $1.5 trillion. It’s had to comprehend how much that really is. Imagine buying everyone in the country a new iPhone – and having enough left over to buy everyone a new Apple laptop.

So if I was going to guess, older people lie less about their finances because their finances are sturdier. It’s easy not to lie when you’re doing OK.

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If young people – or people of any age – are so embarrassed or scared of their finances that they lie to others, well, they’re lying to themselves, too. That will catch up with them eventually. And when it does, it will be a catastrophe.

If anything I’ve mentioned rings true, you need to embrace the truth fast. Yes, it’ll hurt – the truth hurts – and no truth hurts more than the truth you need to tell yourself.

But you don’t have to suffer alone. That’s why I’ve dedicated my career to helping people with their finances. It’s why I work with Together, you and me and can help you conquer any money problem you’re struggling with. You can stop the lies and start living financially free. And that’s the God’s honest truth.

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About the Author

Vicki Gunvalson

Vicki Gunvalson

Before Vicki Gunvalson starred on Bravo TV’s hit series “Real Housewives of Orange County” – which launched the franchise in 2006 – she was already a financial expert. Gunvalson has owned and operated Coto Insurance for three decades. Based in Irvine, California, Coto has been ranked among the top 1 percent of insurance companies nationwide, with more than 10,000 clients in those 30 years. Coto’s success helped Gunvalson become a member of the Million Dollar Round Table – which represents the top life insurance and financial services professionals from more than 70 countries. She continued to grow Coto during 16 salacious years on the hit show and subsequent celebrity projects. But it wasn’t just Coto that has earned Gunvalson praise and awards for her financial acumen. Licensed in every state not just as an insurance agent but also a retirement specialist, she has made it her mission to help people – especially women – become financially independent. She has partnered with to help even more of them. “I’ve counseled thousands of Americans who experienced their own melodrama – over money,” Gunvalson says. “ is in some ways exactly like me – and in other ways, unlike me. We both care deeply about getting good people in better financial shape. But unlike me, they do it quietly!”

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