Lending to friends - the results are in

by Ed Bowsher on 30 March 2010  |  7 comments
Tweet

Earlier this year, we did a reader survey on lending money to friends. Thanks to everyone who took part in the poll. I thought you might be interested in the results.

Earlier this year, we did a reader survey on lending money to friends. Thanks to everyone who took part in the poll. I thought you might be interested in the results.

I guess my biggest surprise was that 8% of respondents said they had lent more than £20,000 to friends at some point. That’s astonishingly generous. In fact, I think it’s bonkers!

We also learned that 64% of people have lent more than £200 to a friend at some point in their lives and that 60% have lent to relatives. Those numbers aren’t so surprising but still higher than I expected.

Here are some more results:

Lending money to friends

-          24% of people said that the largest amount they had lent to friends was between £200 and £499.

-          18% said the largest amount was between £500 and £999.

-          33% said the largest amount was between £1000 and £4999

-          10% said the largest amount was between £5000 and £9999

-          7% said the largest amount was between and £10000 and £19999

-          8% said the largest amount was £20000+

-          40% of the lenders got their money back, 31% never did, 29% were partially paid back or are still being paid back

-          37% of people would prefer to give money to friends rather than lend them money, 41% of people would prefer to lend, 22% won’t lend or give

Lending money to relatives

-          18% of people said the largest amount they had lent to relatives was between £200 and £499

-          22% said the largest amount was between £500 and £999

-          34% said the largest amount was between £1000 and £4999

-          12% said the largest amount was between £5000 and £9999

-          8% said the largest amount was between £10000 and £19,999

-          5% said the largest amount was £20,000 plus

-          52% got their money back, 24% never did, 24% partially got their money back or are still being paid back

-          52% of people would prefer to give money to relatives rather than lend, 36% would prefer to lend, 12% won’t lend or give.

What do you think? Would you be willing to lend more than £20,000 to a friend? Tell me in the comments box below.

More: My friend asked me to loan him £10,000