Personal finance changes predicted by report

13/08/2009

Lending money between family members and friends will become a crucial part of relationships over the decades to come, a wide-ranging new report from National Savings & Investments (NS&I) has shown.

The organisation, along with researchers at the Future Foundation, suggested that financial matters, including loans from parents to children and between close friends, would be "crucial" in keeping families together by the year 2029.

Research included in the report also showed that more than half of people (54 per cent) feel "financially responsible" for other members of their family.

Even more (60 per cent) said that they were comfortable with "sharing financial tips and advice" with those they were close to.

The development of the so-called 'Financial Family', with members using money matters to build stronger relationships, was also hailed by the report.

Tim Mack, savings spokesman at NS&I, said: "The research shows that the discussion of finances, and our relationship with money, extends beyond the traditional family."

Barry Clark, associate director at the Future Foundation, added: "We feel we've revealed a new way for people to look at British family life - and one that will become increasingly common.

"When we look at several demographic trends, like the rise of single-person households, the advance of technology and young people's involvement in financial matters, we can expect the Financial Family to be a very important feature in the future."

Tags; Current UK Economy, Young Family Finances, Retirement Money Problems, Recent Graduate Debt,

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