You are here: Home - Uncategorized -

Parents pay kids to leave home

0
Written by:
03/08/2006

Parents are giving their offspring an average of £17,677 to get them out of the family home and into their own property.

According to Alliance & Leicester Mortgages movingimproving index, 46% of parents intending to help out their adult children financially regard helping them with a deposit for their own home as part of their parental duties.

The index claims that 34% of parents would feel guilty if they didn’t help their kids out with substantial sums of money.

One in six parents will give or lend their offspring over £30,000 to wave their last parental duty goodbye.

However, according to the index, 24% of parents say their children are old enough to be financially independent.

Stephen Leonard, Director of Mortgages at Alliance & Leicester said: “Our research reveals that many parents are planning to support their children well past the age of 18, especially when it comes to their first home.

“As house prices continue to rise, it is no wonder first time buyers are looking for that bit of extra funding from their parents to get on the property ladder. This may be one of the reasons we are witnessing continuing first time buyer activity despite houses becoming more expensive.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Bad debt blow for Barclaycard

Barclaycard’s business has suffered as the UK’s largest credit card provider has been forced to increase provision for bad debt.

Close