More lend money to friend or family as recession bites

Published on 02/06/2012 00:00

THE ECONOMIC squeeze and the credit crunch is leading to more people lending money to family, friends and relatives – with those in Edinburgh likely to lend the most.

A survey found people in Edinburgh would lend an average of £667 to a friend in a time of crisis while in Glasgow people would lend £513 – both higher than the UK average of £455.

More than a third of people in Edinburgh and four out ten Glaswegians said lack of money would prevent them lending to a friend. However, more than 16 per cent said they did not agree with lending money.

The survey was carried out by Chartis Insurance, which provides specialist cover to people diagnosed with cancer. Amanda Evans of Chartis said: ‘Edinburgh and Glasgow residents surveyed were the most generous in the country in terms of the amount they would lend to friends or family with cancer, although they were much less confident of receiving similar help if they had a long-term illness themselves.

“However, £600 to a few thousand would not go far. Also, some people clearly wouldn’t feel comfortable lending money, while others just couldn’t afford to give financial help, especially in today’s economic climate.

“Our cancer insurance policies give financial help in the form of instant cash pay-outs on diagnosis of cancer, plus practical advice, such as on how to apply for grants, benefits, or obtain alternative treatments.”