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Millions of Brits have lent money to their friends, and they’re not getting all of it back.
With only £7.5 billion already returned or expected back in full, this means generous Brits are at risk of losing £9.1 billion to “mates’ rates”. Already, one in 10 people who lent money have ruled out getting a single penny back – writing off £1.7 billion in the process.
A whopping 24.5 million Brits have lent more than £10 to someone at least once throughout the year, including 620,000 particularly charitable people who lent more than £10,000.
While millennials were almost twice as likely as baby boomers to have lent cash at least once last year (67% vs 34%), their older counterparts lent a much higher average of £1,489 compared to £300.
Interestingly, women appear to be more likely than men to help out a friend, with half (50%) doing so last year compared with 44% of men. Even the amount they lent was higher, with women handing out £715 compared to just £631 for men.
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