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.

“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.”