Brits taking out personal loans to help families
04 April 2011 15:21:30
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| Personal loans are helping Britons to support their families. |
Engage Mutual conducted a study involving 1,065 adults, aged 45 to 65, all of whom supported their older parents, children or grandchildren.
On average, participants revealed that they spend more than £184 per month on financial support.
Over a fifth of respondents (22%) said they had taken out a personal loan for this purpose, while 17% had found a second job.
Karl Elliott, a spokesman for Engage Mutual, said: "In an ideal world, the late 40s, 50s and 60s should be a period where major financial burdens associated with raising children are lifted.
"But our survey suggests that people are typically finding that family financial commitments in these key years are ongoing."
The study comes after a recent YouGov poll carried out for the Institute of Financial Planning and National Savings & Investments (NS&I) revealed that 63% of 45 to 54-year-olds were not confident about achieving their financial plans for the future.
John Prout, sales director of NS&I, said that this so-called 'sandwich generation' are increasingly providing financial support to both their children and their parents.
He observed: "This in itself creates considerable pressure, and the current period of economic uncertainty will be compounding this."
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