Add thelocalreport.in As A Trusted Source
A survey has found that men estimate they typically spend £500 more per year than women on maintaining relationships with their closest friends.
Cashback provider Rakuten said women estimated they spent an average of £2,414 a year maintaining close friendships, while men typically said they spent £2,994.
More than two-fifths (44%) cited distance as a barrier to maintaining friendships. People It is estimated that they spend an average of £586 a year on travel as part of maintaining friendships.
The research found that birthday celebrations, with an average annual estimated spend of £555, followed by birthday gifts (£463), and food and drink (£465) are also among the biggest financial expenses when maintaining friendships.
Despite the significant cost, nearly a third (32%) of people said the money they spend on their friends is worth every penny.
And one in eight (12%) people said they would prefer to meet their friends, even if it meant cutting back on their finances elsewhere.
The research found that young adults aged 25 to 34 spend the most on traveling to meet friends, averaging £79 per month.
It also indicated that some people use methods to keep social spending within budget, such as set menus, staycation packages, loyalty points, cashback or vouchers.
More than a third (36%) of people said they preferred low-cost activities such as dinner at home, walks or coffee catch-ups to balance out larger expenses.
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
Rakuten’s savings expert Bola Sol said: “Friend These bring a lot of value to our lives, but maintaining them can involve a lot of expense. Regardless, it may be one of the most meaningful ways to spend our money.
She suggested setting up a “friendship fund” for invitations such as birthdays and stag and hen parties, being honest with friends about the need to stick to a budget, and booking group tickets or shared accommodation to cut costs.
The survey was conducted among 2,000 people across the UK in September for Rakuten by OnePoll.