A new study has revealed 300,000 people have fallen out with family and friends over unpaid debts.
The research commissioned by PayPal also showed that we owe family and friends an estimated €575 million.
The study indicated that these tend to be small unpaid amounts.
On average, Irish adults are owed €152 each due to little loans they have made to their nearest and dearest.
What is the excuse (...I mean reason), about why we don't like to dish back the cash we borrow?
One in five consumers blames their failure to repay on not carrying enough cash on them, or not being able to access a cash machine.
Our penny pinching seems to be having a negative impact on our personal relationships, said the study.
According to their data, 25% of participates stated they will never lend money to their indebted loved one again.
Furthermore, one in 12 admits to having fallen out with their those closest to them, when a small loan has not been repaid.
The research also concluded that Irish people still depend heavily on cash.
Despite the popularity of smartphones, two-thirds of us still pay back our 'I-owe-you' using it.
Interestingly, the findings showed Irish consumers carry more cash in their wallets or back pockets today, than they did two years ago.
Speaking about the trend Louise Phelan, PayPal's Vice President said:
"Cash is still king in many people’s eyes, but it doesn’t deserve our loyalty. Cash comes with hidden costs and frustrations, both financial and personal. There seems to be an Irish taboo around asking to be paid back by friends and family. Almost a third of us prefer to do nothing and not ask to be paid back, leaving many people out of pocket.”
“In this day and age, we should expect more from our financial services. We have these incredibly powerful computers in our pockets, which should make our lives easier. Not only does the PayPal app save you the time and hassle associated with sending money to friends and family, it can now help save you money too. We’ve scrapped fees for Euro money transfers across the nation, so now there’s no excuse for not settling up," she adds.
PayPal is giving Ireland the opportunity to make amends by paying back their 'I owe you,' so no more falling out with family and friends.
