In this study we examined the relation between perceived equity of exchanges and friendship satisfaction for a sample of 110 older men and women. Respondents were interviewed concerning their relationship with their best friend and one other friend in their support network. Perceived equity was a significant predictor of friendship satisfaction only in the case of the other friend. In addition, results showed that men were involved in more equitable friendships than were women. Discussion focuses on the importance of equity consideration and gender differences in the friendships of older adults.