'Relative Values' Help Beat the Recession

A think tank have identified the "financial family", which they describe as "a collaborative unit of friends and relatives who are financially interdependent".

Previous research has highlighted a trend for money to be handed down through the generations.

But the Future Foundation said they'd found cash and advice flowed up and down as well as between siblings.

They added that, as the cost of living rose, they expected these financial networks to play an increasingly important role in people's lives.

Their study, carried out for National Savings and Investments, found 54 percent of people said they felt financially responsible for other family members.

And 70 percent said they thought the recession meant families needed to support each other. Around 55 percent said they felt comfortable discussing financial matters with close family and friends, and 60 percent were happy to share financial tips andadvice.

Future Foundation associate director Barry Clark said: "We feel we've revealed a new way for people to look at British family life and one that will become increasingly common.

"We can expect the financial family to be a very important feature in the future. The financial family is here to stay."

Reliant Young people were most likely to rely on the financial family network, with 50 percent of 16 to 24-year-olds identified as being members.

But participation fell to 20 percent among 35- to 44 year-olds.

The Future Foundation said that, as this younger generation grew up, the financial family would become increasingly widespread.