Money issues can destroy and impair friendships, according to the Friends Again Report, a recent in-depth study from Bank of America that explores the impact money can have on close relationships. Indeed, more than half of consumers have seen a friendship end over money owed and 43 percent of Americans would be willing to end a relationship with a friend who hasn’t paid them back. And it doesn’t take much money to wreck a relationship: One in three people say their breaking point would be $100 or less in unpaid funds, with 4 percent admitting that $10 or less would do the trick. For 36 percent of people though, it takes between $100 and $500 to end a friendship.
There are things you can do to avoid falling out with a friend over money. For one, don’t be afraid to remind them about paying you. “Chances are, your pal doesn’t even remember that she owes you money, never mind the specific amount,” says financial journalist and New York Times bestselling author Nicole Lapin who wrote “Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together.” “Regardless, don’t leave room for doubt. Ask, ‘When do you think you’ll be able to pay back the $100 that I lent you?’ By naming the specific amount you ensure you’re on the same page.”
This, of course, is something that stresses people out. More than four in 10 people (44 percent) would rather discuss family drama, weight, their love life and personal hygiene rather than money, believing it to be a stressor to a friendship. But mobile payment apps like Zelle, Venmo and PayPal are making it easier than ever to ask for money and to settle up on the spot — which may be why approximately one in five consumers say sending money via mobile would improve their relationship with friends.