One in five consumers have fallen out with friends over money

New research from Paym, the UK’s mobile payment service, has found that one in five (21%) consumers have had a falling out over money – making it one of the most common reasons for friendship-troubles, causing more problems than politics (15%), or sport (10%).

One of the main reasons for feeling awkward about owing money to mates seems to be dented pride. Four out of ten (40%) people across the UK admit they are embarrassed to be seen as forgetful when it comes to paying back, with 15% even fearing they will be hated because they owe money. Others take a less emotional view – one in five (22%) fear the dreaded “but you owe me one” that could follow, while a further 15% find it awkward as they worry that they will be tied-in to pay for the next thing, which may be more expensive.

A common occasion for these awkward feelings is a shared meal. When dining out with friends,  over half (51%) feel awkward when the bill arrives. For almost one in ten (9%), this is because they don’t think they will have the cash in their wallet or purse. Similarly, a further 9% worry about owing money, whilst 16% are worried about being owed money. The final 17% fear the bill for the task of working out how much everyone owes.

Paym spokesman Neil Aitken, said “Time with friends is there to be enjoyed, and there’s no longer any need to worry if you don’t have cash on you.  Paym helps end the awkwardness – send money straight to your friends using their mobile number from your banking app. There’s no need to mess around with sort codes and account numbers, so it’s one less thing to worry about.”