A recent survey conducted by Fair4All Finance has revealed that many Britons are increasingly relying on family and friends for financial support. The survey, which included over 4,000 adults, indicated that 26% of respondents borrowed money from family members and 15% from friends in the current year. Additionally, 25% of those surveyed reported using Buy Now Pay Later loans.
The findings suggest that individuals often seek assistance from their immediate social circles after being denied loans from traditional financial institutions, such as banks. The survey highlighted that younger adults, families with children, and individuals in lower-paid jobs or on zero-hour contracts are particularly prone to borrowing from friends and family.
Moreover, the research pointed out that a significant portion of households—approximately 25%—would struggle to manage a £500 emergency expense without needing to borrow funds.
Fair4All Finance has expressed interest in hearing from individuals in the UK who have borrowed money from friends or family. They are looking for insights into the reasons for seeking such loans, the alternatives considered, and the subsequent impact on personal relationships.
This shift in borrowing behavior raises questions about the financial landscape in the UK and the reliance on informal lending, especially among those facing economic hardships. The use of personal networks for financial support may highlight broader issues related to access to credit and economic resilience among certain demographics.
Source: https://www.theguardian.com/money/2025/nov/14/people-in-the-uk-tell-us-if-youve-borrowed-money-from-friends-or-family