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'20% row with family over debts'

Updated on 05 November 2007

Source PA News

Nearly one in five people have fallen out with loved ones over family debts, a survey has shown.

The findings come as lending between families has soared by more than 80% to £25.1 billion in the last 10 years, according to the Skipton Building Society.

The rising borrowing has put a strain on relationships, with 17% rowing with family members as a result, the survey found.

The building society's YouGov poll also revealed that 10% thought their family took their generosity for granted, while 9% were reluctant to lend the cash in the first place.

Meanwhile, 6% of respondents said they believed their money had been used unwisely, with 7% adding that family members had made no attempt to repay them at all.

The "bank of mum and dad" is still in evidence from Skipton's survey, with almost half of respondents - 47% - lending the largest sums to sons and daughters.

But more than one in 10 children turned the tables and lent to their parents to help pay off accumulated debts or shell out for household repairs.

A Skipton spokeswoman said: "It's well known that many homebuyers rely on the bank of mum and dad for help purchasing a property, but it seems getting loans from the 'financial family' is extending to other areas, such as for paying bills.

"This is perfectly understandable when the cost of modern living is rising all the time, but the cost of relationships that suffer as a result should also be considered."

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.

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