Young adults seeking parents` help with debts

By Joel Stanier – Financial specialist

Over a third (35%) of young adults are forced to borrow money from their parents to get by, according to Scottish Widows, with 38% of these using the money to pay off debt.

Scottish Widows` annual Savings and Investment Report found that almost half (47%) of parents with children over 16 have given or loaned money to their adult children or grandchildren.

A debt expert for Think Money said that while some struggling borrowers may be able to get help with their debts from relatives, other people may not have access to this kind of help.

"When in financial difficulty, some people`s first port of call is family and friends, which can be a lot less formal and more convenient than speaking to creditors.

"But not everyone can find the help they need this way, so it`s important for struggling borrowers to remember that there is a lot of expert debt help out there - and that if they need help, it`s important that they don`t delay looking for it."

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Tags: debt, pay off debt, parents help, help, debt help, help with debt

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