People prefer parents to savings

When faced with a financial crisis, Britons are more likely to turn to their parents than to their savings, new research reveals.

Fewer than one person in five (19 per cent) would use money they had put away for a rainy day if they were in a financial hole, data from IFA Promotion reveals.

By contrast, some 22 per cent would turn to their families to help them out.

"Our research has already revealed some alarmingly blasé views on balancing our spending, saving and debt; but without even a basic savings safety net, millions of us risk the possibility of being plunged from indulgence into hardship," said David Elms, IFA Promotion chief executive.

After turning to the bank of mum and dad, the next most popular option was to ask more traditional banks for financial help, with one person in ten attempting to get out of trouble by claiming on insurance.

One Briton in 20 thinks taking on debt is the answer, with most planning to risk their home by securing this loan against their property.

Some 15 per cent of women and 12 per cent of men have no idea what they would do if faced with a financial crisis.

And IFA Promotion believes Britons should seek professional help to assess the full range of options they have open to them and do their best to prevent a financial meltdown.

"Deep down most of us know we can’t always fall back on family or the friendly bank manager, and this explains why we are at least seeing the number of people taking independent financial advice on investment and savings start to increase," Mr Elms concluded.

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