A new study has revealed that Brits face an internal battle every time they are asked to lend their friend or family member cash and they feel uncomfortable when it comes to borrowing money themselves, with their discomfort increasing depending on the amount.
Dr Simon Moore was commissioned by Paym to lead a team of psychologists in a study which analysed people’s emotional responses to borrowing varying amounts of money from different people in their lives. It found that Brits want to keep their relationships afloat but feel a sense of discomfort and concern when it comes to handing out cash to loved one.
But this worry isn’t necessarily unwarranted, with three in 10 UK adults (29%) admitting that they have fallen out with friends or family over lending up to £100 that was never paid back.
The findings also reveal that blood isn’t necessarily thicker than water when it comes to keeping cool about unpaid IOUs as 14% of Brits have family fall outs as a result whilst 15% have cut ties with friends over money shared.
Unpaid IOUs also cause work place woes, with one in 10 (10%) colleagues across the country admitting that they’ve fallen out due to unrepaid lunches and after dinner pints – with colleagues ranking as the most difficult group to get borrowed money back from (35%).
Despite unpaid loans causing blood to boil across the country, 39% of people admit they don’t always pay back loans themselves and admit they’re guilty of avoiding paying money back to family on purpose because they feel they can get away with it.
To find out the results of the study and for advice on what to do if IOUs are ruining your relationships, then watch the video.