Home Property Finance & InvestmentMortgages Bank of mum and dad funding half of home deposits

Bank of mum and dad funding half of home deposits

by LLP Editor
5th Jan 22 11:57 am

Buying a first home may be the biggest of financial milestones for young adults, but the Bank of Mum and Dad is being called upon in myriad other ways, according to a poll by interactive investor, the UK’s second biggest DIY investment platform.

Helping with university costs (58%), allowing adult children to stay at home, rent-free (50%) and buying a car or helping with car-related costs (46%) were all more common ways of financially supporting adult children than contributing to a deposit for a home (42%).

More than a quarter (28%) had made a payment into a savings account and 23% had made a payment into their adult child or children’s ISA, the poll found. Although lagging by some margin, a forward-thinking 10% of respondents said they had contributed to their adult children’s pensions. Non-financial help in the form of things like valuable childcare, was offered by 14%.

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