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People still relying on bank of mum and dad
17 September 2008
A new study suggests that twenty-somethings are relying on their parents' help in the search for the best loan deals.
Research by moneysupermarket.com revealed that due to the current economic climate 23 per cent of the 'iPod generation' have used their parents as a guarantor when applying for a loan.
Tim Moss, head of loans at moneysupermarket.com, said: "More and more parents are being asked to act as guarantors on a range of credit applications, including loans and mortgages."
According to Mr Moss, young people are finding it hard to get the best loan deals because of the tightening of lending criteria across the board.
"Younger people are especially vulnerable in this climate - they tend not to own a home and are more likely to have missed the odd payment on a mobile phone or credit card," he added.
Moneysupermarket.com found that across all ages, 11 per cent of people have relied on their parents as guarantors for a loan.
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