In recent years, the Bank of Mum & Dad has supported young adults through many of life’s most expensive milestones, from higher education to weddings and buying a home. According to research from the Institute of Fiscal Studies, parents handed out almost £14 billion a year between 2018 and 2020, and analysis from property group Savills found that the Bank of Mum & Dad supported nearly half (49%) of all first-time buyer housing transactions in 2021.
However, our latest Youth Economy Report reveals that over half of parents (52%)* plan to reduce the amount of money loaned or gifted to adult children, and the overwhelming majority of 6-18 year-olds don’t expect parents to contribute to their financial future*.