Bank of America Friends Again Report
The Bank of America Friends Again Report explores the impact of money on relationships. The report found that owing money – and being owed money – creates an uncomfortable situation for many Americans. In fact, consumers cite money as a key stressor in friendships, and would rather talk to their friends about nearly anything – including their love life or family drama – than money.
The findings demonstrate the topic of money among pals not only causes feelings of stress and anxiety, but can also lead to the severing of ties of friends. Fifty-three percent of consumers have seen a friendship end over money owed, and 43 percent would be willing to end a relationship with a friend for not paying them back. Of those, nearly three-quarters say they would end the friendship over $500 or less.
However, the report also found that 38 percent of consumers believe paying back a debt can help to save a family or friendship. What’s more, nearly one in five respondents say sending money via mobile would improve their relationship with friends, with millennials twice as likely to say so (41 percent).
Other insights from the Bank of America Friends Again Report include:
Nearly three-quarters of consumers have loaned money to friends and not been paid back. This may be because 86 percent believe asking to be repaid is awkward.
Asking a friend to settle up was second (48 percent) only to forgetting someone’s name (54 percent) among a range of uncomfortable scenarios.
Nearly one in five respondents have avoided a friend to whom they owe money. They most commonly ignored their friend’s calls or texts (56 percent), skipped a party (30 percent) or lied about their whereabouts (22 percent).
Mobile payment apps ease the social friction among friends, as many say the technology holds debtors accountable for amounts owed (33 percent) and eliminates the awkwardness of face-to-face confrontation (30 percent).
About the Bank of America Friends Again Report
Convergys (an independent market research company) conducted a nationally representative online survey on behalf of Bank of America August 8-18, 2017 using a panel-provided sample. Convergys surveyed 1,000 respondents throughout the U.S., comprised of adults 18+ who own a smartphone. Approximately 300 adults were also surveyed in three target markets: Chicago, Los Angeles and New York. In addition, an Omnibus was conducted July 24-26, 2017 with a sample of 1,000 nationally representative online panelists ages 18+.
News Releases and Additional Information
October 10, 2017 – End the Owe Woe
October 10, 2017 – 2017 Bank of America Friends Again Report
October 23, 2017 – 2017 Bank of America Friends Again Report Infographic
October 23, 2017 – 2017 Bank of America Friends Again Report Regional Fact Sheets:
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October 23, 2017 – Five Tips for Navigating IOUs Among Friends
For More Information
For more information about the Bank of America Friends Again Report, please contact Tara Burke, Bank of America, 1.203.292.6590.