The staggering amount of money we're owed by mates
Updated . First published
Nearly two million people are owed money by a mate – and for many, it's not a small amount.
New research from financial comparison site Finder shows that almost one in ten Aussies are short-changed by a friend who hasn't repaid them.
The average owing sits at a staggering $1855, suggesting these aren't minor, one-off occurrences.
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Experts say outstanding balances among friends can cause friction. Getty Images/iStockphoto
Group gifts, restaurant bills, shared Ubers, event tickets and travel costs are among the repeat offenders.
Younger Australians are the most likely to be left in the lurch. The survey found that 12 per cent of Gen Z respondents are owed money, compared to 10 per cent of millennials and 8 per cent of Gen X.
Money expert Ceyda Erem said that while payment apps make it easier to settle up quickly and prevent one person from being left to pay, outstanding balances among friends can still cause friction.
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The average amount owed by a friend sits at a whopping $1855. Getty
"While most debts between friends are relatively small, they can still add up and create frustration."
Etiquette expert Jo Hayes said to avoid an uncomfortable situation down the track, pay someone back straight away.
"Electronic bank transfers mean there's really no excuse for being tardy. Get their bank details and transfer the cash pronto.
"Don't put your friends and family in the awkward position of needing to chase you for the money."
For those wanting to recoup their losses, addressing the issue head on is the best place to start.
"The first step is to directly ask for repayment. It might feel uncomfortable, but avoiding the conversation can lead to resentment over time," Erem said.
Erem explained that before offering to shout a meal for the table, it's important to consider your financial standing.
"Money is tight, and many simply can't afford to let these costs slide … it's important to make sure you're not putting your own financial wellbeing at risk."
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