Nine in 10 ‘feel uneasy about borrowing from family members’
Nine in 10 people feel uneasy about borrowing money from family members, a survey has found.
Some 90% of people feel this way, Saga Savings found.
Nearly half (45%) want to ask for money because they wanted to fix their own problems, while three in 10 (29%) did not feel comfortable asking.
A small minority also said that they did not borrow from relatives because they felt they might not be able to afford it.
The reluctance to turn to family members for financial help comes despite four-fifths (43%) of people saying they find January the hardest time of year financially, rising to 54% of 25 to 54-year-olds.
Four in 10 (39% ) find January tougher than usual due to Christmas over-spending.
With January 31 2020 falling on Friday, a similar proportion (38%) find the big gap between December and January pay cheques a burden.
Three in 10 (29%) say their utility bills are higher this month, while 26% blame hikes in day-to-day spending such as train fares.
Others point to their January tax bill (10%), booking a summer holiday (12%) or spending in the January sales (10%).
Many people were turning to formal debts rather than asking family members to dip into their savings, the survey found.
Nearly three in 10 (29%) 25 to 54-year-olds said spending extra amounts on their credit card would help them get through the month, while 8% were hoping to extend their overdraft.
And 9% were borrowing from parents to make their money stretch to February.
Jeff Bromage, managing director, Saga Personal Finance, said: “A perfect storm of Christmas spending, the long wait for the January pay cheque and higher bills make January the hardest month financially for many people in the UK.”