Halifax: Britons in 'secret' spending sprees

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Halifax: Britons in 'secret' spending sprees

Britain is in the grip of secret spending sprees, according to new research from Halifax.

Figures from a study carried out by the group indicate that Britons distort the true cost of the items they buy by an average of £772 each year to their family and loved ones.

Over half of people refrain from divulging the correct price of goods because they do not want to be seen as frivolous with their money, while over a third wanted their partner to believe they had secured a bargain.

The survey found that women were most likely to hide the true cost of their clothes purchases, while the purchasing of electronic equipment was most likely to be a clandestine affair for men.

Vicky Emmott, senior underwriting manager at Halifax, said that such activities could mean that "householders find the contents in their home are underinsured if the person responsible for organising the policy is unaware of the true cost of items in the property".

She added: "Homeowners can seek to avoid this problem by purchasing unlimited contents insurance for their property."

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