According to latest Amarach research, we are doing DIY banking in Ireland.
• 1 in 5 adults have lent money to their children.
• 1 in 10 have lent money to their parents.
In fact, the bank Mom and Dad has lent 2 billion this year to their children, and a staggering 4 billion to friends and relatives.
One explanation could be that people are more cautious on how they spend their money. In efforts to avoid rising banking fees, people are looking to friends and relatives to help in times they need extra cash.
It will be interesting to see if this figure increases over the next few years?