Parents, grandparents, brothers and sisters are asking each other for money more frequently, as household budgets come under pressure in the wake of the credit crunch, rising prices and job losses.
This form of lending is notoriously hard to measure. But 63% of a sample of 2,000 adults reported an increase in family members approaching relatives for money as a direct result of the credit crunch.
15% of family members are lending to each other on a regular basis, with the average loan running at £2,300 across the UK. Often the sum is more than they owe on credit cards.
The research, from insurance group Aviva, identifies parents aged between 40 and 60 years of age coming under particular pressure to lend, either to children who are short of funds or to grandparents who have retired and are hard put to find affordable borrowing.
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