"Wealth is better than poverty, but only for financial reasons," quipped Woody Allen long ago.

It's so easy to lose one's balance in a hyper-commercial, super capitalist culture. Ads bombard us daily with the message that we are what we own. If we feel depressed, lonely, or overwhelmed, it's easy to believe that money can buy us friendship, if not love. Your friend's behavior probably flows from this belief system.

Your suggestion of finding other ways to express friendship hits the mark. Perhaps one could suggest/schedule long walk-talks to provide an alternative way to show appreciation and be together without financial obligations. Showing, instead of telling, might be more effective here.

On the other hand, I'm a rather live and let live and speak and let speak guy. Your friend might also need to be feel like a "winner" by picking up a bill - even if on a credit card - while he struggles with other financial issues. As a friend, I tend to offer sympathy and understanding while avoiding harsh judgments without knowing all the relevant facts. After all, in a world where over a billion people live on less than a dollar a day, we are all quite wealthy in the big picture.