Dectech and Moneyfarm on Financial Dependency in the UK

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The IFA Magazine, International Investment, Credit Connect and Money Magpie have all recently highlighted Dectech’s work with Moneyfarm exploring the depths of an individual’s financial dependency in the UK.

Almost half (43%) of UK citizens are financially dependent on someone other than themselves. 25% of the nation are financially dependent on a partner, 17% on our parents and 10% of us rely on other relatives. When it comes to hitting financial difficulty, just over half the nation are confident that they have family or even friends who could support them until they found stability again, with 34% of people having done just that in the last year.

While 8% of UK adults are dependent on their children, most surprisingly, almost a quarter of 18 to 30 year olds are actually financially supporting their parents. Perhaps also shocking is the range of different emotions people in this situation feel, from comforted to embarrassed.

 

To learn more you can find the full articles via the links below:

IFA Magazine Article on Financial Dependence in the UK

International Investment Article on Surprising Levels of Financial Dependence 

Credit Connect Article on Financial Wellness and Reliance on Others

Money Magpie Article on the Extent of the UK’s Financial Dependency

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