Here’s a quick round-up of some new research by Scottish Widows released in the last couple of weeks:
Only a quarter of adults in the UK with children under 16 have any form of financial protection. Almost half of the same group are now reliant on two incomes, and as well as having dependent children, a further 14% also have dependent parents or grandparents. It’s clear that the loss of one income would be a real challenge for these households. The full report can be found at: http://www.scottishwidows.co.uk/about_us/media_centre/reports_protection.html
Further research from the Centre for the Modern Family shows that 28% of UK adults borrow money from family as household costs become the biggest pinch point, and with the average amount borrowed by individuals standing at £2,123, the collective family lending economy is now worth around £31billion. At a time when the need to make provision for future care costs is becoming more acute, it’s also worrying that one in three grandparents providing childcare have spent their savings. The new report Family, Generations and Financial Pressures shows that 23% of family borrowers need this support just to cover day-to-day household costs. Click on the links to learn more.
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