Research by TopCashback found that people most commonly blamed this strain on friends having higher wages or being more time-poor due to increased work commitments.

More than two thirds (67%) of survey respondents said the cost-of-living crisis had taken a toll on how they socialise with friends, with a third (33%) not going out as much and more than half (51%) attending fewer events organised by friends.

The volume of birthday celebrations and group holidays have reduced the most, with weddings, housewarmings and christenings taking priority.

A quarter (26%) now opt for cheaper activities when hanging out as a group, and a fifth (21%) say they now choose to socialise more at home to save money.

People need friends’ support

Adam Bullock, UK director at TopCashback, said: “Spending time with friends can be expensive – with meals out, holidays or birthdays to celebrate throughout the year, and while it’s absolutely fine to say no sometimes, spending time together is invaluable.

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“Making small smart swaps here and there can make a difference and hopefully help ease the strain on friendships as we move through this difficult time – especially when we might need the support of our friends most.

“Savvy changes friends can make to save a little bit of money each month include choosing cheaper alternatives when hanging out or perhaps even earning cashback on the things they purchase as a group – such as takeaways, holidays or buying gift cards for birthdays and weddings.”