Bank of Mum and Dad?

More people are turning to family over banks to borrow money

Should you borrow from family or friends?

It can be tempting to ask friends or relatives to lend you money. But you need to think carefully about whether you can afford to repay it and can cope with what might happen if you can't.

Pros and cons of borrowing from family and friends

Borrowing from a family member can provide emergency money and help you avoid forms of borrowing with very high interest rates, such as payday loans and doorstep lending.

If both parties are certain it will not harm a relationship with a family member if you don't repay, this is a good option as it is normally interest free.

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One in six Brits would rather borrow from family than banks | YouGov

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.

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Place North West | The changing world of the Bank of Mum and Dad

The changing world of the Bank of Mum and Dad

Those millennials, walking round like they rent the place. . .

The truth is, our kids have never had it so bad.

According to a recent study, half of UK millennials - those people born between 1980 and 1996 - will be living in rented accommodation into their 40s and one-third will rent into their retirement, unless there is a radical change in taxations, funding for public housing and a reform of the private sector.

Renting on this scale will put the UK on more of a par with Germany, where only 52 per cent of the population own their own home.

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