Average cash borrowed from loved ones in excess of £1,000
One in four adults in the UK was forced to borrow cash from family or friends to make ends meet in 2018, new research from Charter Savings Bank has revealed.
The average amount borrowed from loved ones last year was £1,093. Partners and spouses are the most likely to be asked to loan cash, with 22% of respondents asking their partner for a loan at least once a month. Parents are asked for cash at least once each month by 11% of respondents, with 18-34 year olds being most likely to make a request. Those in the South East of England are the most likely to borrow money, receiving an average of £1,873 in a year.
The shortage of cash extends beyond the borrowers, however, to impact the lenders too, as the study revealed that only 54% of borrowers always repay the loan, leaving loved ones out of pocket. Women are more likely to repay loans than men, with 58% of women and only 49% of men saying they always pay back what they borrow.
If your dependents are struggling to make and stick to a budget, why not recommend a free no obligation savings review with McCreas? We can help your family manage their finances and implement simple, effective savings plans.
We can also help manage your investments if you keep finding yourself as the bank of Mum and Dad (or even Grandma and Grandpa)! Call 0141 542 1370 or email us for more information or to make an initial appointment.