Parental creditors ‘want their money back’
Figures from Scottish Widows Bank reveal that over the course of the last ten years, the number of people handing over cash to their children without wanting it returned has fallen six per cent.
In addition, around 40 per cent of university graduates would be unable to make their way on to the first rung of the UK’s housing ladder, were it not for financial help form the so-called “bank of mum and dad”, the latest research suggests.
Richard Clark, head of product development and marketing at Scottish Widows Bank commented: “Even graduates who have been working for several years are forced to borrow money from their friends and family.
“While it’s good to see that people are getting help from their loved ones, some of these loans might be leaving the bank of mum and dad empty.”
Meanwhile, the Bank of England looks likely to increase the pressure on the millions of Brits facing debt management trouble by raising interest rates next month, in light of the most recent inflation level data.
