Survey Reveals More Borrow from Family Than Buy Now Pay Later Loans

A recent survey reveals that in England, Scotland, and Wales, borrowing from family and friends has surpassed Buy now, pay later loans, reflecting changing financial behaviors.

• The survey, conducted by nonprofit organization Fair4All Finance, involved over 4,000 adults across England, Scotland, and Wales, highlighting a shift in borrowing trends.
• 26% of respondents reported borrowing from family, while only 25% opted for Buy now, pay later loans, indicating a preference for personal connections in financial support.
• Most individuals who borrowed from family or friends did so for amounts under £250, showcasing the reliance on informal borrowing methods amid financial pressures.