Polls / March 3, 2015

If you lent EUR10 to a friend but had not been paid back, what would you do?

Respondents to the eZonomics online poll are split on what they would do if a friend had not repaid a EUR10 loan. Overall, 57% would forget about it while 43% would ask for the money.

I can take the cake – but dinner’s too much
You’ve gone for coffee and cake with a friend but they forgot to bring their wallet and you pay the total bill. Or perhaps you’re arranging a visit to the cinema with a friend and buy both the tickets so you can sit together.
In each case, it’s a relatively small expense and a lot of fun.
But it can also be easy for one of you to forget to repay the loan and, if that was the arrangement, a decision needs to be made. Do you ask for the money or forget about it?
What if the expense wasn’t coffee and cake, it was a dinner at a more upmarket restaurant. The loan is closer to the EUR50 mark. Does your reaction change?

When we split the bill…
People are social creatures and the choices we make can be heavily influenced by what those around us are doing – even if we don’t realise it.
For example, evidence suggests that people tend to order a more expensive meal if they are going out for dinner in a group and splitting the bill evenly. It might not be intentional but if a friend is opting for all the trimmings, it might encourage you to do the same.

I’ll text you the cash
It appears that forgetting your wallet is set to be increasingly less of a problem.
New ways to pay are become available and use is anticipated to pick up.
Simply transferring money using internet banking has been popular for years in developed markets (eliminating the need to hand over paper money). While banking by the M-PESA text message system had been adopted by 14 million people in Kenya by 2011 – a type of way to pay that has been catching on in other parts of the world as well.
On-the-spot payments using mobile devices are also increasingly common – meaning soon forgetting to pay friends back their EUR10 may be a thing of the past.

ShoppingFamilyPeer effects

eZonomics team
.(JavaScript must be enabled to view this email address)

Have your say

Should schools teach financial literacy?