One in six Brits would rather borrow from family than banks

Victoria WalderseeData Journalist
January 03, 2019, 9:00 AM GMT+0

Just three in a hundred would consider a short-term loan company, and almost no-one would ask a friend first

New YouGov Omnibus research shows that although the majority of Britons would turn to a bank when in financial need, one in six would go to family first – rising to one in three among under 34s.

A third of Brits under 34 would rather go to family for a loan than to a bank

One in three 18 to 24 year olds (32%) and 25 to 34 year olds (29%) would go to a family member first if they needed a substantial loan.

This figure falls to a fifth (22%) among those aged between 35 and 44, one in eight (12%) of those aged 45 to 54, and one in twelve (8%) of those above 55.

The majority of older Britons would rather go to a bank first, with six in ten (59%) 35 to 44s, two thirds (67%) of 45 to 54s and three quarters (75%) of those aged 55 and older saying this would be their first port of call.

Brits are least likely to ask a friend for a substantial loan - just one percent would feel comfortable doing so.

Just three in a hundred would go to an alternative financial provider, like a short-term loan company, for funds

Three in a hundred Britons would go to a financial provider other than a bank if they needed a substantial loan. Young people are slightly more likely to choose this option: one in twenty five (4%) of 18 to 24 year olds would consider it, compared to between 1 and 2 percent of those in older age groups.

Photo: Getty

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