Have you ever had a falling out with a friend over money? Maybe it wasn’t even a falling out, just an awkwardness that developed because of that loan that never got repaid. I mean, how many times can you really bring something like that up without things getting really weird??
Bank of America recently surveyed 1,000 people on this issue of friendship and money and discovered that money is the fourth largest cause of stress in a friendships (jealousy, gossip, and disagreements ranked first through third). And losing a friend over money isn’t just a hypothetical fear: 53% of people said they’d lost a friend over a money dispute.
But the really interesting number was how much money people said it would take to end a friendship: just $500, according to almost 75% of respondents. On one hand, it’s hard to put a price tag on a friendship; on the other, it’s hard not to feel that someone is taking advantage of your kindness if they don’t repay a loan that large.
“…when asked about various situations, ‘asking friends to pay you back’ was second only to ‘forgetting someone’s name’ as the most uncomfortable.”
And it’s not like the borrower doesn’t feel the strain on the relationship. 86% of people said it’s actually worse to owe friends money than to be owed.
Do you ever borrow from or lend money to friends? Have you ever lost a friend over money?