What does the Bank of Mum and Dad mean for your retirement? If you don’t help your children with their deposit, it may be very difficult for them to buy a home. But finding the funds to help your loved ones isn’t always easy and you might not know if your own retirement provisions will be sufficient.
This year, Legal & General released new figures showing that thousands of people aged over-55 will be joining the ‘Bank of Mum and Dad’ to help people across the country make homeownership a reality. More people are lending across the generations and the Bank of Mum and Dad is becoming even more generous.
- This year, the average amount being passed down has risen by more than £6,000 to £24,100.
- More than half (56%) of over-55s are helping family simply because it’s ‘a nice thing to do’!