A quarter of Brits wouldn’t lend to a friend this Christmas

With Christmas just around the corner and the festive season in full swing, MoneySuperMarket has found Brits are keeping their pennies close to their chests this Christmas with a quarter admitting they would not lend a friend £50 if asked.

Research from the comparison site found of those who wouldn’t lend a friend £50 this Christmas, half (49 per cent) stated it was because they can’t afford to lend anyone money over the festive period. A stubborn 45 per cent said they simply don’t lend money to friends, while 12 per cent said they would consider lending to a friend if the amount was smaller.

However, the research also revealed festive cheer is still rife for a large number of Brits. In total, 64 per cent said they would lend a friend £50 this Christmas. This is despite 22 per cent stating it would mean their own Christmas budget would be stretched.

Lending money does come with a caveat, however, with 12 per cent saying they would ask for their money back as soon as they could after Christmas. A further 13 per cent would lend a friend but would be slightly annoyed that they had been asked at this time of year.

Dan Plant, editor-in-chief at MoneySuperMarket commented: “It comes as no surprise that a number of people are not in the position to be able to lend £50 to a friend this festive season. Christmas is always an expensive time of year, especially at a time when cost of living is high and wages aren’t rising at the same rate, so every penny counts.

“Anyone who is worried about their bank balance should go through everything they intend to spend money on, and consider whether each purchase is worth it – even if that means reining in on the lavishness of presents or extra trimmings for the turkey. It’s worth it if it helps your finances into 2015. Additionally, using a comparison site to shop around for the best products 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.”