Wednesday, 06 March 2019 13:19

People turn to relatives for money help

Family, love them or loathe them, it appears many of us need them and their financial assistance regularly - but why is that financial help growing?

Recent figures show that nearly 60 per cent of Brits have borrowed over £120 from a loved one in the last six months, with a quarter of this figure borrowing over £2,000 in the same timeframe.

It is estimated that families help each other out to the tune of billions of pounds per year - and this is only anticipated to get worse as the cost of living rises.

Startlingly, almost nine per cent of people get financial assistance regularly, with some people admitting they get over £100 in handouts EVERY month from their close relatives.

The figures also reveal that it is the bank of mum and dad that helps out the most with 43 per cent of people saying their parents are the first port of call they go to when needing monetary assistance.

Many people admit to borrowing money when they are struggling to make a one-off payment such as a deposit on a new home or purchasing a new car. In these instances, borrowing is understandable as a lot of people don't have a vast amount of money at their disposal so using the money for a purchase like this, with the intention of paying it back, isn't an issue. The problem seems to be the over 35 per cent of people that admitted they borrowed pockets of money from relatives to pay off an urgent bill that they didn't have the funds to pay off.

Thirty-five per cent is a large chunk of people that are apparently close to the breadline and would sink without the assistance of their family. It's a worrying state of affairs and goes some way to highlight the urgent need for people to get a tighter grip on their finances.

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