39% of the Nation Borrow from Mum and Dad to Clear Debts
admin • May 14, 2020
It’s become easier than ever to buy a fancy new car or travel to exotic locations without having to save as personal loans, overdrafts and easy credit become readily available. But what happens when people get hooked on credit and borrow more than they can really afford? Our survey shows younger Britons are most likely to turn to their parents to help get them out of a tricky financial situation.
Just under half of respondents (46%) in a recent 118 1118 Money survey, admitted they had borrowed from their parents, and the main reason was to pay off debts (39%). It may come as no surprise that it’s Millennials who are most likely to seek help from the ‘bank of mum and dad.’ Discover more in our new Infographic:
1 According to a survey conducted by OnePoll on behalf of 118 118 Money, November 2015 