One in three support extended family and friends
17 November 2011 15:57:40
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| A personal loan could prevent borrowing from friends. |
The latest Aviva Family Finances Report suggests that families pay out £442 a year, on average, to help their ageing parents, adult children, siblings and close friends.
When asked why they provided this form of support, 25% of respondents said their friend or relative had experienced a change in their financial circumstances.
Other reasons included paying for one-off expenses (21%) and meeting living costs after unemployment.
Paul Goodwin, director of workplace savings at Aviva, said: "In the current economic climate, families are clearly willing to support members of their extended network of family and friends.
"However, while it's good to see how families are pulling together, people need to ensure that they are not sacrificing their own financial wellbeing, particularly in the long term."
People who do not wish to rely on friends or family members for financial support may want to consider unsecured borrowing options.
For instance, they may be able to compare personal loans and borrow a fixed amount of money, with the repayments set at an affordable level and spread over a number of years.
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