People borrowing more from their family during recession

Ben Southwood
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SAVINGS have been increasingly squeezed over the last year, households are having a tougher time making ends meet and more people have been forced to borrow from their families, according to research published by Scottish Widows today.

In a survey of 1,500 adults aged 18 and over, 54 per cent of women and 45 per cent of men reported having less money at the end of the month than they did last year.

Thirty per cent of men and 37 per cent of women say they have had to stop regularly saving, while 26 per cent of women and 17 per cent of men said they’d been forced to sell items online to raise cash.

There was also a gender divide in reports of borrowing from families, where nearly a quarter of women but only 14 per cent of men reported being forced to borrow.

“We know that women are more likely to worry about financial issues,” claimed panel member Liz Fraser, “However, women are being hit hard by the current recession many have part-time jobs to fit around their children, and these tend to be the first jobs to go in a downturn.”

But both genders were being hammered by financial challenges, with 42 per cent of men, and 48 per cent of women seeing them as the biggest issues facing their families.