Over a quarter of Brits say they cannot or will not lend a friend £50 this Christmas, research has revealed.
As the economic downturn has a negative effect on Christmas cheer throughout the nation, research indicates that one in four people are simply unable to lend money at the moment.
The research, carried out by comparison site moneysupermarket.com, also found that a stubborn 13% of us do not lend money to friends on principle.
ìIt comes as no surprise that a number of people are not in the position to be able to lend even £50 to a friend this festive season,î said Kevin Mountford, head of banking at MoneySupermarket.
ìConsumers have been through a tough year and many people have been forced to make every penny count after being hit by increased costs of living, hikes in fuel and energy prices and no doubt the mounting costs of the festive period itself.î
The findings of the survey were not all bad though. It was discovered that 73% of people said they would lend the money, despite it affecting their finances.
Some people were prepared to go the extra mile, with 5% saying they would lend the money to a friend even if their own budget was stretched as a result.
There were, however, some clauses to lending, with 6% saying they would want it back as soon as possible.
Mr Mountford added: ìIt’s great to see that the spirit of giving at Christmas time is not lost for the large number of people who said they would lend £50 to a friend. For those worrying about their finances, I would advise them to look at all outgoings in order to help save money over this expensive time.
ìAdditionally, using a comparison site is another great way that people can give their finances a boost and help their money stretch further. People could make significant savings by looking to switch their products across credit cards, loans and savings.î
If you are concerned about your finances this Christmas, compare credit cards to see if you are getting the best deal.