In a growing trend, many Britons are resorting to borrowing money from their loved ones. According to a recent survey, nearly one-third of adults in the UK have turned to friends or family for a loan this year.
The numbers reveal that while 25% of respondents have taken out a Buy Now Pay Later loan, 26% have borrowed from family and 15% from friends. Those who have resorted to borrowing from friends or relatives often do so after being rejected by traditional lenders like banks.
The survey found that certain groups are more likely to turn to their loved ones for help, with younger adults, households with children, and those on zero-hours contracts or in lower-paid work being the most vulnerable. This can be attributed to limited access to affordable credit options.
Moreover, the research suggests that many households face financial stress, with 25% of all households unable to afford a £500 emergency bill without borrowing.
The survey highlights a pressing concern regarding the lack of financial support systems in place for those who are struggling. We want to hear from you - have you ever borrowed money from friends or family? How did this experience affect your relationships and daily life?
The numbers reveal that while 25% of respondents have taken out a Buy Now Pay Later loan, 26% have borrowed from family and 15% from friends. Those who have resorted to borrowing from friends or relatives often do so after being rejected by traditional lenders like banks.
The survey found that certain groups are more likely to turn to their loved ones for help, with younger adults, households with children, and those on zero-hours contracts or in lower-paid work being the most vulnerable. This can be attributed to limited access to affordable credit options.
Moreover, the research suggests that many households face financial stress, with 25% of all households unable to afford a £500 emergency bill without borrowing.
The survey highlights a pressing concern regarding the lack of financial support systems in place for those who are struggling. We want to hear from you - have you ever borrowed money from friends or family? How did this experience affect your relationships and daily life?
i mean i get it if u need cash fast but havin to rely on friends and fam is just stressful lol. got a friend who's always lendin money to me but now im startin to feel guilty about it... do ppl really have no other options tho? 
. I mean, I get it, banks can be super harsh sometimes 
. But still, borrowing from friends or family is a big deal - it can strain relationships and make things really awkward 
. And let's be real, those zero-hours contracts are super precarious... how are people supposed to afford rent when they don't even know if they'll get paid the next day? 
It's like, we need some better support systems in place, you know? Like, affordable credit options that aren't so onerous 
. I feel like this is a bigger issue than just borrowing money from loved ones - it's about systemic inequality and access to basic financial security 
it's like, people are getting so desperate they're turning to their own relatives just to make ends meet. I remember my grandpa used to lend me money when I was struggling financially back in the day. He wasn't always flush with cash but he was willing to help out.
. We need more support systems in place for those who are struggling financially, like financial advisors or low-interest loans for people on zero-hours contracts. Anything less feels like a Band-Aid solution to me 
also what's with all these buy now pay later loans? isn't that just like a never-ending cycle of debt? i feel bad for those people who are struggling to afford even an emergency bill... 500 pounds is like, super expensive 
A simple grid system would help. Anyway, back to this survey - it's super concerning that people are turning to their loved ones for loans because traditional lenders aren't an option. I feel like we need better support systems in place for those struggling financially. Maybe some kind of emergency fund or assistance program? It'd be great if they included more visual aids like bar graphs or heatmaps to make the data more digestible 
.
. And those groups you mentioned are already in tough spots - younger adults trying to navigate the world, families struggling to make ends meet... it's all so unfair 
! I mean, borrowing from loved ones can lead to some serious drama and stress. I've seen it happen with my own aunt - she borrowed from her sister during the holiday season and had to pay her back an arm and a leg (literally!). It's not just about having cash flow problems, though... traditional lenders might be more strict these days, but that doesn't mean people should have to resort to desperate measures. Zero-hours contracts are already super sketchy, so it's even worse when you gotta rely on your fam for support. The survey's right, we do need better financial support systems in place - like, what about affordable credit options or some kind of emergency fund? 
. It's crazy how many households are struggling to make ends meet - £500 is like a whole lot of money 
...but we need more support systems in place, you feel? 
but 1/3 of Brits are struggling so hard they're gotta turn to family and friends for help? That's some serious pressure 
. And it's not just the money itself, but also the fact that these people are affecting their relationships and daily life 
. We gotta talk about this, fam 
!
But seriously though, where's the support system for these people? They need help, not just loans from their BFFs or parents.