Brits spend more than £1,000 a year on other people, including paying for hen and stag dos, colleague’s leaving gifts and children’s parties.
A poll of 2,000 adults found 52 per cent feel pressured into attending or contributing to expensive social events, such as group meals out, baby showers and housewarmings as well as donating to fundraisers.
With weddings alone typically costing £207 per guest, milestone birthday celebrations seeing people part with £191, and an average of £150 forked out on hen and stag dos.
But 51 per cent admit they often begrudge spending their money on others, and would prefer their hard-earned cash was used elsewhere.
With 59 per cent of those claiming they would prefer to save the cash, 47 per cent would opt to put it towards a holiday and 33 per cent would rather spend on their hobbies.
Derek Sprawling, head of money at new savings app, Spring, which commissioned the research, said: “Many of us feel pressure to say yes to social events that are becoming more and more expensive.
“In a social media world, we want to celebrate landmark events in style and not down the local pub, which is putting more and more pressure on budgets.
“One way consumers can manage this is by learning to say no to events they don’t want to go in a gracious way that doesn’t offend.”
The research also found among the events people have attended despite not really wanting to were group meals (21 per cent), weddings (18 per cent) and big birthday parties (17 per cent).
And the most individuals have ever spent on an occasion which they didn’t want to partake in is £239.
Almost half (46 per cent) have had to dip into their savings to cover the costs, resulting in delaying or putting off their own goals of travelling (36 per cent) or buying a home (19 per cent).
In typical British fashion, the fear of looking rude (34 per cent), stingy (28 per cent) or being the ‘difficult’ one (28 per cent) made people feel obliged to contribute to or attend events.
But many have felt annoyed (22 per cent) and irritated (29 per cent) about social spending expectations, with 41 per cent feeling there are too many celebratory occasions nowadays.
And the likes of gender reveal gifts (44 per cent), overseas hen and stag dos (38 per cent) and evenly splitting restaurant bills (18 per cent) are seen as unnecessary spending.
A fifth (22 per cent) of those polled, via OnePoll, rarely or never feel they can say ‘no’ to a group ask without guilt.
Instead, 59 per cent have lied to get out of a costly event, claiming they already have plans (52 per cent), family commitments (42 per cent) or are unwell (40 per cent).
But turning down an invite has resulted in relationships suffering or drifting for 18 per cent.
It also emerged 35 per cent have felt stressed when they had little time to pay for something which they hadn’t pre-planned, with the ideal notice period being nine weeks before the event.
Derek added: “Given the pressure on finances these events can create, if you are going to attend, making sure your money is working as hard as possible is vital, including the interest from your savings.
“We find too many people accept a poor rate of return from their bank when they could be generating much more from a higher interest account, helping to contribute to these unexpected costs.”
