WHITING, Ind., July 18, 2012 /PRNewswire/ -- How much does it cost to be a friend? While the interpersonal benefits of friendship are priceless, there are obligations for pals that drain bank accounts. A new survey from CouponCabin.com reveals that nearly one-third (31 percent) of U.S. adults spend more money on their friends than their friends spend on them in a given year. In addition, 19 percent said they spend an average of $500 or more on gifts for friends in a typical year. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from July 5th – July 9th, 2012 among 2,243 U.S. adults ages 18 and older.
Weddings are one area in particular that can cost friends a bundle. When asked how much they anticipate they'll spend on friends' weddings this year, on purchases like gifts, travel, parties and new clothing, 16 percent of U.S. adults said more than $100, while 7 percent said more than $500. These figures are significantly higher for young adults, as 23 percent of those ages 18-34 said they would spend more than $100 and 12 percent said they would spend more than $500.
Sometimes the expenses associated with being in a wedding can be too high to bear. Twenty-two percent of U.S. adults have said "no" to being in a bridal party because they couldn't afford it. Nearly four-in-ten (37 percent) 18-34 year-olds said they had to say "no" to a bridal party because of high costs.
"When it comes to friends and money, honesty is always the best policy," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. "If you feel pressured to spend money on friends and you can't afford it, be straightforward and explain your situation. Not only does speaking up help alleviate the pressure, but it can also strengthen your friendship."
Relationships between friends can become strained due to money issues. More than one-in-five (21 percent) have felt pressured to keep up with friends in terms of how much they spend on dining out, fashion, homes, and more, while 20 percent said they have had a "friend breakup" over a money dispute.
The most important part of friendship is quality time spent together, and many U.S. adults make time with friends a priority. When asked how much time they spend with friends in a typical month, U.S. adults said the following:
- 1-15 hours – 47 percent
- 16 – 20 – 11 percent
- 21 – 30 – 11 percent
- 31 – 50 – 11 percent
- 51 or more – 13 percent
- 0 hours – 7 percent
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from July 5th – July 9th, 2012 among 2,243 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, [email protected].
CouponCabin.com is a leading online destination for coupons including online coupon codes, printables, grocery coupons and more. Shoppers have saved nearly $350 million since 2003 and with the largest selection of coupons guaranteed to work, CouponCabin is the best place to start searching for savings. The average user saves $19 in just 80 seconds on the site. With customized email newsletters, browser savings alerts, new coupon alerts and more, shoppers will never miss out on a great deal with CouponCabin. For more information, please visit http://www.CouponCabin.com.