Jenny Marra comments on Family Savings Report on Young Adults who need money from "Cashpoint Parents"

2 July 2012

 

Commenting on the news from the Bank of Scotland Family Savings Report, which show that the proportion of young adults who need money from ‘cashpoint parents’ has climbed from 61% in the 1980s to 84% today, Jenny Marra MSP said:

 “The results of this research are not surprising. 

“The cost of living is getting higher – food, gas and electricity are all taking up more and more of everyone’s budgets.

"This is the reason that Labour held a summit meeting in Dundee last week to explore a collective bargaining scheme for gas and electricity for people in the City. 

“100,000 16-24 year olds in Scotland are also out of work.

"Many will be relying on their parents to help them through.

"I would urge anyone who is thinking of taking a loan, to avoid payday lenders that are  available online.

"The interest costs end up crippling and can result in bad credit for years.

"Dundee has very good credit unions that are open to borrowers and savers and are reliable and fair.”

 

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