People struggling with debt management problems can often turn to their families for help. But new research has found that families that may want to offer financial support are less able to.
The Chelsea Building Society said that the economic squeeze is preventing people offering help, such as a place to live or free childcare.
According to its research, 78 per cent of people are cutting back on their own spending and there is little left to help others. In the building society’s survey, 59 per cent of people would like to offer assistance but nearly 30 per cent are not able to do so due to financial pressure of their own.
Extended family members were less willing to help than close immediate faily, for example eight per cent offering somewhere to live compared to 54 per cent.
Director to customer services at Chelsea, Darren Stevens, said people should try not to rely on their relatives.
“Britons should start taking control of their own finances through proper financial planning and saving, bypassing a potentially embarrassing situation within their own families,” he urged.
People worried about debts from unpaid rent or mortgage arrears may want to consider products like a consolidation loan to avoid repossession.
By Morwenna Kearns