More than half of consumers ‘indebted to parents’

A study from Money Shop found that 58 per cent have borrowed money from their parents in the last 12 months.

However, only two in five of these people have paid back the full amount, with £275 being the average figure borrowed.

Paul Mildenstein, managing director of Money Shop, commented: “Coming towards the end of the month when money is short can be difficult, especially when something crops up that you need money for.

“People usually have two choices go over their authorised overdraft limit and face the excessive charges banks impose or consult the bank of mum and dad.”

He adds that borrowing money from family, though they are there to help, can lead to arguments in the long-term.

In related news, consumer campaigner Martin Lewis has urged people with bad credit card debts to act promptly in order to avoid ‘debt panic’.