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New research has revealed that more than seven million people have lost a friend as a result of an argument over money. The findings, from ISA provider Scottish Friendly, highlighted that just over one in ten people (15 per cent) no longer kept in contact with a friend following a dispute around finances.
Men were found to be particularly prone to losing their mates, with 17 per cent of men saying that they had cut ties with a friend because of finances as opposed to just 13 per cent of women. In addition, the trend does seem to be particularly prevalent among ‘Gen Y’ respondents. Indeed, a massive one in three people aged between 24 and 35 (28 per cent) say they have lost friends over money, compared to just nine per cent among those aged over 45.
Calum Bennie, communications manager at Scottish Friendly, commented:
"Money can be a very personal and very touchy subject. While friends often want to help each other in financial difficulty, if that show of support is abused, it can often be seen as a breach of trust and cause deep rooted resentment between people."
Londoners seem to be the most likely to fight about money, with just over a quarter (27 per cent) having had a dispute with their friends, compared to people in Northern Ireland where fewer than ten per cent claiming to have fallen out over money.
"If you do lend money to people or offer financial assistance to a friend, it is important that all parties are on the same page and go into an agreement with their eyes wide open. If you are going to lend money to someone you should make sure they will be in a position to pay it back or at least be sure you won’t miss the money if it is not repaid in the short term. Regardless, helping a friend in financial difficulty may not always be about the cash. Sometimes, advice and support can be as powerful and lending someone money".
Scottish Friendly offers its top tips on how to lend money to friends and maintain a friendship:
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.