Aussies get by with a little help from their friends

The economic downturn left many Aussies with little choice but to raid their savings accounts in order to make ends meet.

It seems that the cost of living down under is growing all the time and a lot of people simply don't earn enough money to fund their lifestyle.

According to a new study conducted by the Commonwealth Bank, Australians are borrowing billions of dollars from their friends and families every month.

The Australian Associated Press reports that Aussies lend their loved ones in the region of $1.6 billion every four weeks.

With interest rates still relatively high, it is little wonder that people are looking to avoid personal loans from their banks at the moment, although good deals can be found if you compare different packages online.

Findings from the study showed the average person takes $200 at a time from their nearest and dearest in order to stay afloat.

Women borrowed twice as much money as men and the majority of the survey respondents saw their mother as their first port of call when times were tight.

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