Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

WE LOSE AN AVERAGE OF £2.6 BILLION PER YEAR LENDING MONEY TO FRIENDS AND COLLEAGUES

WE LOSE AN AVERAGE OF £2.6 BILLION PER YEAR LENDING MONEY TO FRIENDS AND COLLEAGUES
  • New research shows 73% of Brits don’t trust their friends and colleagues to pay their way during group events
  • A fifth (21%) claim they have ended up paying more than their share because it’s socially awkward to pay separately
  • The smallest amount people feel comfortable chasing is £4

We lose a staggering £40 a year from unpaid loans to friends and family, equating to £2,500 in a lifetime according to new research released by Nationwide Paym.

Asking a relative or friend to repay money is often an awkward experience and over two thirds (73%) of Brits don’t trust all of their friends and colleagues to pay their way fairly during group events.

The research of 2,000 UK adults was conducted to discover how we split bills during social activities and attitudes towards borrowing and lending money. A fifth (21%) claim they have ended up paying more than their share because it’s socially awkward to pay separately and 20% have missed out on getting their fair share due to buying rounds.

So, how small an amount is acceptable to ask a friend or colleague for? On average, the smallest amount people would feel comfortable chasing is £4, with over 80% starting to chase before the debt reaches £6. The main reasons for not repaying borrowed money is that they simply forgot (47%), they didn’t have the cash on them at the time (34%) and not having the relevant payment details to transfer (12%).

Head of Payments at Nationwide Building Society, Paul Horlock said: “It is shocking that we are collectively losing this amount of money from lending to friends and family or from splitting the bill when sharing lunch. We can be just too embarrassed or often don’t have money on us to pay back those small debts, it is very socially awkward.”

With advances in online and mobile banking, a mobile number is now enough information to send and receive money securely, to and from friends and family – potentially saving Brits time, money and the effort of chasing down borrowed money, or sparing them the embarrassment of forgetting to repay.

Paul added: “The good thing about Nationwide’s Paym app is that you can exchange money with your mobile phone number – you don’t have to give out your bank details, go to an ATM or write a cheque. This can really help situations such as group meals when not everyone has cash on them and people want to pay by alternate methods. It makes it so much easier to settle those small debts, whilst also ensuring that everyone has the right amount.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post