How income levels affect social activities and what you can do about it
In today’s challenging economic landscape, the impact of income differences among friends is becoming wider than ever – whether we realise it or not.
Naturally, the financial burden of social activities varies drastically depending on your income bracket. For example, for someone on a £16,000 salary, a weekend break to a city in Europe, calculated at an average cost of £290 by the Post Office would require 37 hours of work – equivalent to a full working week. An increased salary of £30,000, by contrast, would require almost half the hours to afford the trip.
And with wedding season in full swing, people earning £30,000 would need to work 21.42 hours to cover the cost of attending nuptials. For someone on a £60,000 salary, this would equate to just over 10 hours of work.
Here we shed light on how income levels can impact our ability to socialise, revealing the true cost of friendship in an era of financial strain.
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Event cost vs hours worked
When it comes to booking a weekend away with friends or attending a wedding, we often think of how much we’ll need to pay rather than how long we’ll need to work to cover the cost.
Looking at different income brackets, our research shows the true cost of attending these events:
Attending a Wedding: Costs £309
£16,000 salary: 40.18 hours
£30,000 salary: 21.42 hours
£60,000 salary: 10.71 hours
£100,000 salary: 6.42 hours
EU City-break Trip: Costs £289.65
£16,000 salary: 37.6 hours
£30,000 salary: 20.08 hours
£60,000 salary: 10.01 hours
£100,000 salary: 6.02 hours
For some the noticeable difference in the hours needed to cover the cost of these events, especially with higher living costs, can create a divide in their social group.
To help people manage their social expenses and to grow inclusive friendships, UK Debt Expert has created a new income calculator. This handy tool allows you to calculate how many hours you’d need to work to pay for a social event event.
Calculate your social activity cost
Input your location and income to see how many hours you need to work to afford a wide range of events – from cinema trips to covering the cost of hen and stag parties.
Friends shouldn’t be afraid to talk about money
Speaking of the importance of having open and honest money conversations with friends, UK Debt Expert personal finance expert Maxine McCreadie said: “Building strong friendships, especially when financial situations differ, means talking openly and really understanding each other.
“It’s about creating a space where people feel comfortable sharing their money goals, ambitions, and victories.”
Maxine continued: “As friendships develop, our personal circumstances often change with them. The lives of our friends from school or university can often go in very different directions, and the people we meet as adults are often from different walks of life.
“This creates what can be a very challenging dynamic of friendships where incomes could vary massively – and there’s no doubt that this can put those relationships under great strain.
“Booking a holiday with your pals, for example, should be a really exciting process, but for some it can cause a huge amount of stress and anxiety. This isn’t necessarily restricted to incomes either, as financial situations can vary hugely according to living costs like rent or mortgage payments, as well as the huge cost of childcare.
“If you find yourself in a situation where you’re unable to cover the cost of an event – or even just popping out for a coffee – don’t be afraid to have that conversation with your friends.
“Talking about money isn’t easy but having that conversation might not only help others in your friendship group be a little more understanding of your situation but it could encourage others to do the same too.”
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Tips for managing social expenses
Open communication: Have open, judgement-free discussions about financial expectations, preferences, and constraints. Encourage friends to be open about financial situations to prevent misunderstandings and create a supportive environment for those managing debts.
Plan inclusive activities: Plan budget-friendly activities that accommodate various financial situations, to help you you to share experiences without the fear of financial strain.
Set boundaries: Establish collective spending boundaries to respect each other’s comfort zones and avoid financial tension when planning outings or sharing expenses.
Be empathetic: Recognise and understand each friend’s unique financial circumstances, offering support without judgement and cultivating a supportive environment within the group.
Promote financial literacy: Share resources and information on financial wellness to empower friends to make informed decisions and enhance overall well-being.
