MoneyMagpie

Apr 24

Do you lend money to your family?

Do you lend money to your family members? Would you lend money to a relative?

 

Well, a new survey has shown a shocking number of Britons don’t lend money to their family because they’re not sure they’ll ever get it back.

Over a third of people surveyed said they wouldn’t lend money to a relative, with not believing they’ll get the money back being the most common reason.Do you lend money to your family?

The worst culprits for not repaying back a family loan are siblings – with 58% not repaying (no wonder we’re all a bit suspicious of lending to our family.)

People are happier to lend in a relationship, however, with 72% saying they’d lend money to a partner.

45% of people surveyed said they’d lend money to a friend but only 9% said they’d lend money to a colleague.

Nick Swan, founder and CEO of VoucherCodesPro.co.uk (the company who carried out the survey) says:

“It’s sad to hear that so many Britons don’t trust their immediate family enough to lend them money, but once you’ve had one bad experience with regards to money it’s understandably very difficult to go on to trust that person again.

“The family bond is supposed to be the strongest that we hold, but sometimes it’s all too easy to take that for granted and treat someone badly simply because we expect them to forgive and forget.”

 

Other reasons not to lend money to a relative was feeling bad asking family members to repay, something worth considering before you lend out money to your family.

Would you lend money to a relative? Maybe you’ve had a bad experience? Let us know in the comments section below.

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