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Most people wouldn’t give friends more than £5

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by Jan Harris
Most people wouldn’t give friends more than £5

The majority of people would only lend a friend a maximum of £5 without expecting the money to be repaid.

Around two thirds of the 1,811 people surveyed by website MyVoucherCodes.co.uk said they regularly lend money to friends, but only on the understanding that the cash will be returned.

Forty-three per cent of those surveyed said that £5 would be the most they would give to a friend without expecting repayment, while 24 per cent said they would give up to £10.

Just 2 per cent said they would hand over £25 or more without expecting the friend to pay them back.

Three-quarters of those surveyed said they had borrowed cash from friends, which they had later repaid.

A third had borrowed cash from friends and failed to pay it back.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said: “It seems many people would happily write off a fiver here and there, but when it comes to amounts over that, they’ll be knocking at their friends’ doors to settle the bill.

According to the Institute for Fiscal Studies, household incomes have fallen by around 7 per cent in real terms over the last three years, making it a necessity for people to keep a tight control of their budget.

A survey by Lloyds TSB suggests that nearly 30 per cent of households have little or no savings.

Nearly 20 per cent of households are experiencing difficulties in saving a significant amount, the survey suggests.

However, over the 60 years of the Queen’s reign, the real value of household savings has increased by 464 per cent to £153,529 per household, including savings in pensions and life insurance.

Savings grew most rapidly between 1981 and 1991, when they increased by 115 per cent in real terms, while the 70s were the worst decade for savers, with savings falling by 12 per cent in value.

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News posted: June 6, 2012

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