You can't put a price on friendship ... or can you?

Priceless friendship
Priceless friendship

Yesterday saw National Friendship Day amid new research revealing true cost of such close relationships.

We spend an average £548.88 a year going out with mates (here accompanied by timely friendship quiz and TV hit Friends top ten clips) that adds up to whopping £34,579 in standard lifetime ... and that’s just the socialising!

Weddings, birthdays and other occasions are all on top of that, according to Paymentsense survey of 2,000 Brits.

Men on average spend more than women on socialising. But women are the most likely to treat their friends to presents ‘just because’ (42%) or when they are going through a break up. However, men think they have more close friends than women do.

Big occasions in friend’s lives can cost a lot of money for mates. Men stated last stag do they enjoyed cost £297 whereas women only spent £207 on latest hen do. That’s on top of what people spend on a wedding for their close friend, which totals average £247. They can cost so much money one in 20 Brits refuse to go to a friend’s wedding so they can save cash.

· Brits spend, on average, £34,579 on socialising with friends in their lifetime

· A quarter of Brits have lent friends money and been paid back straight away

· Almost a third of Brits (31%) have bought their friends a gift ‘just because’

It's 25 to 34 year-olds who spend most money socialising with friends, while those aged 55+ spend least, but tables turn when it comes to holidays with more mature age group spend most holidaying with friends. The 18 to 24 year-old age group are most generous as 40% of them will buy friends gifts ‘just because’ while they are also most likely to go somewhere they can’t afford just to socialise with friends.

Some 30% of Brits buy their friends a housewarming gift while 31% buy them a gift ‘just because’. But do Brits buy their friends? Those who have more friends tend to buy them more gifts, for all different events such as relationship break-ups, new jobs, bereavements and just because they can.

Cost of friendship

Cost of friendship

There are some negatives when it comes to friendship and money with more than 1 in 20 Brits having lent a mate money that's never been paid back. Some 3% have even fallen out with friends due to unpaid money-lending. And almost 1 in 10 25-34 year-olds have lent a friend cash and never had it paid back.

The average amount Brits have lent is £146.55 but 11% have lent friends over £500! Men are more likely to lend than women with over half of blokes having lent mates money.