One third of Scots turning to friends and family to borrow substantial sums of money

Part of BoS’s ‘How Scotland Lives’ study, the nation-wide analysis from YouGov of 3,048 adults also found that almost a quarter (23 per cent) are borrowing money from friends and family just to get by, using the cash to cover day-to-day living costs.

Scots are most likely to borrow money from the Bank of Mum and Dad (29 per cent); borrowing an average of £3,209. Meanwhile, one in 20 (6 per cent) have borrowed from siblings and 4 per cent from friends, with just 3 per cent seeking financial support from grandparents.

Over half (54 per cent) of those that borrow money say they feel guilty for doing so, as they hoped to provide for themselves, and one in ten (8 per cent) admitted that the borrowing of money has caused tension in their family.

However, over half of Scots who have lent money (58 per cent) say they are happy to give a helping hand to family and friends, with just one in ten (10 per cent) feeling annoyed about lending to loved ones. Those in Aberdeen (76 per cent) and Fife (68 per cent) appear to be the most generous regions and are happiest to offer a loan in times of need.

South Scotland (49 per cent) and Dundee (48 per cent) are shown to be less likely to hand out the cash than the rest of Scotland, with only half happy to lend money to a family member. Those in Lothians (17 per cent) and Dundee (17 per cent) are also more likely to be annoyed about being asked for a loan. It comes as a quarter (25 per cent) of Scots don’t expect to get their loan back from loved ones.

Ricky Diggins, Network Director at Bank of Scotland, said: “As I am sure most Scots would agree, we are a small but generous nation, especially when it comes to family members, feeling much more comfortable lending than borrowing. It’s important for us all to open up about money with our family and friends as this can help with easing financial strains or worries.”