Money may not be the root of all evil, but a recent survey indicates income inequality is having an affect on our relationships. In fact, fully one in five friendships has been cut short thanks to some sort of financial dispute.
Harris Interactive and CouponCabin polled 2,200 Americans and found 20 percent of them said they’ve felt pressure to keep up with their friends when it comes to spending on housing, dining out, clothing and more.
In addition, more than a third of 18 to 34-year-olds have declined invitations to be in wedding parties because of the cost involved, and one out of every five survey respondents said they’ve had a “friend breakup” over a money dispute — maybe because a third of those polled said they spend more money on their friends every year than their friends spend on them.
“When it comes to friends and money, honesty is always the best policy, ” said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. “If you feel pressured to spend money on friends and you can’t afford it, be straightforward and explain your situation. Not only does speaking up help alleviate the pressure, but it can also strengthen your friendship.”