Inter-Family Debt: Home | Budget Calculator | News Release | Regional Statistics
People in the UK currently owe over £1.3 trillion on credit cards, loans and mortgages, but what this figure doesn’t include is the amount of money borrowed from family and friends.
Skipton’s latest research shows that 51% of people in the UK have lent money to family members during the last 10 years, and are currently owed over £25 billion by their nearest and dearest. Whilst it is often the ‘bank of mum and dad’ supplying financial support, one in 10 children have lent funds to their parents.
Unsurprisingly financial debt is having an adverse affect on relationships with nearly one in five Brits falling out with loved ones as a result. Many feel that the money loaned was used unwisely (6%) and nearly one in 10 report that their family had made no attempt to pay them back at all.
With the cost of modern living constantly rising, it’s understandable that people have to borrow from their families, however, it’s preferable that relationships don’t suffer as a result. By having some savings set aside people can be less reliant on their families for handouts - and opening a regular savings account is a great way to start.
If you would like more information on Skipton’s wide range of savings accounts, including our Regular Savings, Special Saver and Christmas Saver accounts, then pop into your local branch or call us on 08457 171777*.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.