Here is how much money the average Irish person is owed by their family and friends

Uh oh.

The average Irish adult is owed €152 each from the small loans they have made to their family members and friends, according to new research. The number comes from a study conducted by PayPal, who estimate this could mean more than €575 million in unpaid debts nationwide. PayPal are aiming to cut down that number and encourage people to embrace faster forms of payments - so they are scrapping fees for Euro money transfers between friends and family on the app. The research found that almost 1 in 5 people put the fact that they haven't relayed their I.O.U's down to not having enough cash on them or simply not being able to access a cash machine. However, it is having a huge effect on relationships. 25 per cent of people said that they will never lend out money to a loved one again, while 1 in 12 people admitted to falling out with someone who was near and dear to them over cash. Elsewhere in the research, it emerged that Irish people are still relying heavily on cash - despite the popularity of smartphones. More than two thirds of people (67 per cent) said that they use cash the most while repaying friends and family. And it turns out that Irish consumers carry more cash on them today (average of €57) than they did two years ago (€39) - Which, considering how easy it is to tap for things, we find particularly confusing.

Louise Phelan, Vice President at PayPal, 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!”