5th December 2018, LONDON – New research from price comparison site finder.com has revealed that Brits are willing to lend more money to complete strangers than their neighbours.
finder.com’s survey quizzed Brits on how much money they would be willing to lend to different people in their lives and has uncovered that we would lend on average £44 more to a stranger than we would to a neighbour (£134 vs £90 respectively).
Perhaps understandably, over two in three of us (69 percent) wouldn’t lend a penny to a stranger (through a peer-to-peer service), however, almost three in five (58 percent) Brits are also unwilling to lend any money to a those living next door.
Brits are more willing to lend money than borrow money
Surprisingly, over a quarter of young people (27 percent) would not expect to be lent any money by their parents. The research also indicates that 18-34-year-olds would actually be willing to lend their parents £621 more than they would borrow. Young people would lend £1,922 on average to their parents in comparison to £1,301 they would expect to be lent.
The same goes for lending money to siblings as Brits are willing to lend £418 more to their brother or sister than they would expect to borrow, on average £1,426 compared to £1,008 received.
On average those surveyed would lend over twice as much to a friend than they would expect to be lent (£313 as opposed to being lent £93 from their friends).
Men are more generous than women
With almost everyone in their lives, men are willing to lend more money than women. According to finder.com’s research, men are more likely to loan larger amounts to siblings (£330 more), extended family (£172 more) and friends (£51 more) than their female counterparts. The only exception is parents, where women are willing to lend £22 more than men.
Speaking about the findings, Jon Ostler, CEO at finder.com said: “There is, of course, an element of trust when it comes to lending money to anyone, so it’s understandable that many people in the UK would be cautious of lending to anyone they don’t know well. This is especially true considering our previous research found that over half of us don’t expect to get all the money back that we lend to friends and family.
Lending between family and friends can be one way to borrow money without the potentially high interest and fees that can come with methods like unarranged overdrafts, but it’s important that both parties are clear on the terms and are happy to enter such an agreement before money is exchanged.