Britons are owed over 25 bln pounds from relatives

November 14th, 2007 - 8:31 am ICT by admin  
The study conducted by the Skipton Building Society showed that British people have owed more than 25 billion pounds by their relatives. This is 82 per cent more than what was it 10 years ago, when family members owed each other 14 billion pounds.

Half have given a handout to a relative in the last ten years, the Daily Mail reported, adding that a tenth have handed over more than 5,000 pounds and one in 25 has parted with at least 10,000 pounds in a lump sum.

The average loan is 1,928.15 pounds compared to 1,510.17 pound ten years ago.

The study results suggested that an eighth of grownup children have lent funds to their parents, with a third of those paying off bills for their mothers and fathers.

“It’s well known many homebuyers rely on the bank of mum and dad for help purchasing a property… But getting loans from the ‘financial family’ is extending to areas such as paying bills,” Jennifer Holloway, of the Skipton, said.

“This is perfectly understandable when the cost of living is rising - but the cost of relationships that suffer as a result should also be considered,” Holloway suggested. (ANI)

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