Why your rich friend Venmo requests you for $4: People with more money 'struggle with generosity,' expert says

🌈 Abstract

The article discusses why wealthy friends often request small amounts of money from their less wealthy friends on Venmo. It explores the psychological reasons behind this behavior, including the feeling of isolation and the tendency to view relationships in a more transactional way.

🙋 Q&A

[01] Why do wealthy friends often request small amounts of money from their less wealthy friends on Venmo?

• According to the article, people with more money than their peers "struggle with generosity" and tend to feel isolated or "othered" from their friends.
• They may believe that their money is the reason their friends associate with them, leading to insecurities about being taken advantage of.
• This manifests in small-dollar Venmo requests, which the article suggests is a way for them to avoid feeling like they are being taken advantage of.

[02] How does wealth affect the way people view their relationships?

• The article suggests that with more wealth comes a greater focus on transactional relationships, rather than communal ones.
• For example, if a wealthy person can afford to hire movers instead of asking friends for help, they may start to see the world in a more transactional way, and this can bleed into their friendships.
• The article states that this shift towards transactional relationships can make wealthy individuals struggle with feeling a sense of community.

[03] What should you do if a wealthy friend Venmo requests you for a small amount of money?

• The article suggests that if a friend Venmo requests you for a small amount of money, you should pay it and then ask if something else is going on with them.
• The article states that the small-dollar Venmo request is often not about the money itself, but rather a way for the wealthy friend to avoid feeling taken advantage of.