Britons continue to support relatives - Loans - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Britons continue to support relatives

Britons continue to support relatives

Category: Loans

Updated: 04/12/2009
First Published: 12/12/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Research has revealed that a growing number of Britons are having to provide support to both older and younger relatives.

According to Norwich Union , life expectancy increases have led to more people needing financial help in retirement.

But younger people are also relying on parents, as they build up debt at university through unsecured loans and face high house prices.

As a result, the 'sandwich generation' is having to rely on savings as they cope with the pressure of the economic downturn, the insurer noted.

"This clearly demonstrates the need for the UK as a whole to take out a new years' resolution to review their finances," said Brian Bussell, of Norwich Union.

A recent study by Engage Mutual Assurance showed that debt help had been provided to parents by 40 per cent of those between the ages of 18 and 24 over the last six months, with the majority of these contributing to utility bills.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!