No matter what age you are, where you live or what you do in life, the vast majority of people will be quick to highlight the importance of family in life. There may be one or two people who struggle to get along with their family members but for many of us, our outlook on life and what we achieve is shaped by the support, assistance and encouragement we receive from our family members, and there is no doubt that many successful people wouldn’t have achieved anything like what they have done without having good family members around them.

In the UK in the present day, there is also another strong reason why having family members around are important. Sadly, the state of the economy means that many people are looking for support in a financial manner from family members and this has definitely had a huge impact on how people view their family members. There are many different reasons why being close to family members who can provide financial support is essential.

Family support is essential for many reasons

Some key factors in why supportive family members matter include:

  • The growth of income has stalled
  • Young adults are not as wealthy as young adults from previous generations were
  • Young adults are far less likely to own their own home
  • Rental fees take up a greater share of monthly income
  • Pensions are becoming smaller

These factors are all big issues and concerns for young adults in the United Kingdom these days and you can see why so many people are looking to their parents or relatives for a bit more support. In the long term, this is likely to cause some problems, but in the short term, this sort of finance and support can make a difference in helping people to achieve more with their life and to carry on with their plans as they would hope.

There is a very worrying fact that while costs are rising, wages are not going up at the same rate and many youngsters find that they just aren’t earning what they want, or what previous generations could earn. There is also the fact that with home ownership out of reach for so many home owners, renting is an essential part of life but rental costs are very high. This money being spent on rent every month is money that cannot be saved or put towards buying a property at some date. All of which creates a cycle where youngsters aren’t able to improve their finances these days.

Family support isn’t just about money

Of course, there will be people who just cannot afford to support their family members. In an ideal world every parent would love to give their financial backing to their children but this isn’t possible for a large number of people in the United Kingdom. There are still ways for people to support family members though and anyone who has a good credit score will find that they can play an influential role in helping people get back on track or improve their financial status.

This is because someone with a good credit score is likely to be the ideal candidate to act as a guarantor for a family member. The lender looks at the credit score of the guarantor, not the applicant, and this is likely to be the key factor that makes a difference when it comes to finding affordable and actionable finance. Anyone that needs money at short and who is struggling will find that calling on a family member to act as a guarantor will give them a second chance of finding the money they require at a fair and reasonable price.

Modern life can be very tough for many people and this is why it is essential to call on family members for support and guidance. If a family member is willing to provide support through acting as a guarantor, it could provide a life changing level of support, which is definitely something that will make a huge difference in the short and long term. Not everyone has a family that is able to support them financially in such a manner but there is no denying that any sort of support can make a big impact on people’s lives.

Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.