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Men estimate they spend more than £500 more than women per year typically on maintaining relationships with their closest friends, a survey has found. Women estimated they spend £2,414 per year keeping up close friendships on average, while men typically said they spend £2,994, cashback provider Rakuten said. More than two-fifths (44%) of people cited distance as a barrier to keeping friendships going. People estimated they spend £586 on average annually on travel as part of maintaining friendships. Birthday celebrations, with an average annual estimated spend of £555, birthday gifts (£463), and meals and drinks (£465) are also among the biggest financial outgoings when keeping up friendships, the research found. 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 see their friends even if it means having to cut back elsewhere in their finances. The research found that younger adults aged 25 to 34 spend the most on travelling around to see friends on average, at £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 prefer lower-cost activities such as home dinners, walks or coffee catch-ups to balance out bigger spends. Bola Sol, a savings expert at Rakuten, said: “Friends bring so much value to our lives, but maintaining them can involve quite a lot of spending. Regardless, it can be one of the most meaningful ways we spend our money.” She suggested setting up a “friendship fund” for invites 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 carried out for Rakuten by OnePoll among 2,000 people across the UK in September.
