Financial Etiquette 'Lacking' In Britons

There are some individuals you know who always get in the first round or never do. But what is the correct balance. People in the UK have difficulty when it comes to when to pay and when not too according to recent research.

A new survey has revealed that people in Britain are not fully aware of the correct financial etiquette. CreditExpert, an online credit advice company, questioned around 1,500 adults and found that many did not know when it was and was not appropriate to pick up the bill.

Nearly half would risk debt by giving a friend in need all they possibly could while over three quarters believe they do not act responsibly when it comes to buying a round of drinks. Almost half of us would buy a drink for everyone in a large drinking group.

When it comes to paying the cheque on a dinner date, nearly a fifth thought it should be the inviter who pays - an issue important financially as well as socially, according to the managing director at CreditExpert.

It seems that chivalry is dead; only around 17 per cent of Brits believe the man should always pay on the first date. Just under a third of Brits think the bill on a first date should be divided evenly, yet women are missing a trick, as three out of five of males would be willing to pick up the bill on the first date.

“We're regularly faced with financial etiquette dilemmas and, as well as being important from a social standpoint, they're also significant financially … It pays to be savvy with how you spend your cash socially," he said.

Top tips to get financial etiquette right:

•    First Dates - the man should always pick up the bill on a first date.
•    Buying Rounds - form and buy drinks for smaller groups.
•    Helping Friends - offer advice rather than money.

If you would like to know more about money why not ask AnswerBank Business and Finance.