A recent research from Abbey Savings has revealed that as many as ten million of Britons claimed to have plundered their savings to help someone dear to come out of a financial fix.
The research has also revealed that some 4.7 million Britons have handed over savings to help a friend or family member out of debt, while one million Brits have helped get a family member on the housing ladder.
A further 700,000 relinquished money from their nest egg to help a struggling student afford to stay in academia and almost half a million did so to save a friend or relatives wedding. Over three million other Brits raided savings to help people out of other undisclosed financial crises.
Reza Attar-Zadeh, Abbey’s head of savings, said: It’s heartening to see that so many saver saviours have gallantly used their rainy day fund to help loved ones out of a hole. However, this only serves to highlight the need for people to have their own savings rather than relying on others. Having savings in place really can cushion a fall in times of need.