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Young Geordies more likely to lie about money

The typical Tyneside/Wearside divide even has a financial slant to it, according to a new government survey.

Young adults in Newcastle are more likely to lie to their friends about money than those in Sunderland, the figures reveal.

Of the 18-34-year-olds questioned in both cities by YouGov, 45% of the young Geordies would consider lying about money to fit in with their friends, compared to 35% of the young Mackems.

The poll also found the young people in Newcastle were more likely to begrudge lending money to a friend and to be annoyed with someone who never gets a round in. Those in Sunderland meanwhile were more likely to be annoyed by friends who flash their cash.

Financial experts believe however that in some areas the young people in Sunderland should follow those in Newcastle’s lead - they are twice as likely to ask their friends for advice about savings and pensions and are more likely to put money aside each month.

Economic psychologist Jasmine Birtles said: “Psychology dominates many of our financial decisions - everything from when to buy a house to paying into a pension. The less we talk the more we are forced to second guess what most people are doing and are in danger of making bad decisions.

“Traditionally among the young, ‘spenders’ have had the stronger voice and more social kudos. However, in a time when there is a growing realisation about the perils of excessive spending, it is more important than ever before that ‘the savers’ stand up and be counted.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .