Hey big lender

Research released by money collection platform Leetchi.com, sheds light on Britain’s money-lending habits and highlights what a generous nation Brits are. The research, conducted by YouGov, surveyed 2,500 people and reveals that people in Britain are owed an average of £1106.67 by their friends, family and co-workers. Money owed includes cash spent on food, drinks, events and amenities that has been lent to someone you know with the expectation that they will pay you back.

The generous gender

The results show that men are in fact more generous, or frivolous, with their cash as men in the UK are currently owed an average of £1,404,80 by friends, family and co-workers compared to the average £814.53 owed to women.

People aged 55 and over are owed the most cash at a shocking average of £1997.83, in second place are people aged 25-34 who are owed an average of £933. People aged 45-54 are owed the third largest amount at an average of £886.14, closely followed by those aged 35-44 (£877.26) and those aged 18-24 (£251.60).

When questioned on who they usually lend money to it appears that Brits cite their friends as top of their money-lending list at 15 per cent. Second to friends people are most likely to lend money to their sons (14 per cent), daughters (13 per cent) and partners (12 per cent).

The ‘Giving Generation’

18-24 year olds are more likely than any other age to lend money to their friends at 40 per cent, this compares to 21 per cent of 25-34 year olds, 16 per cent of 35-44 year olds and those aged 45-54 and 55 and over at nine per cent and six per cent.

In true British style, a third (35 per cent) of people in the UK feel uncomfortable when discussing money with their friends. A further 17 per cent admit that lending money to friends has resulted in an argument. When divided by gender the research shows that men are more likely to argue with their friends over money collection at 21 per cent compared to 14 per cent of women.

Céline Lazorthes, CEO and founder of the Leetchi Group, comments on the findings

”The average amount of money owed to people in the UK is shocking along with the fact that a third of Brits (36 per cent) state that they’ve encountered problems when getting money back from friends. For the amount of money owed to be this extensive, it’s clearly more than people just buying each other drinks after work. It’s most likely down to covering friends for things such as hen dos, group birthdays, leaving do gifts and weekend getaways. This is precisely why, 7 years ago I decided to create Leetchi.com.”

“Leetchi.com provides a money collection service that makes it convenient and easy for people to pool funds together towards a common expense, and saves people those awkward money conversations and arguments.”

About Leetchi.com

Leetchi.com is an easy, fast and secure money collection platform that allows anyone to create a ‘money pot’ in less than a minute and invite others to help finance projects such as group gifts for birthdays, baby showers and co-workers, as well as fundraising for projects, charities and events.

Don’t be owed money anymore! Start your own money collection online and ask you friends, family and workmates chip in towards your future common expenses. It’s that easy!