First Time Buyers Helped By the Bank of Mum and Dad Receiving £23k Each

UK parents give an average of £23,000 when helping their children with a deposit to get onto the property ladder, according to new research from Shelter. Highlighting the increasing strain on the Bank of Mum and Dad, the same poll also found that a fifth of parents helping their children onto the housing ladder had done so using savings set aside for retirement or elderly care. However, for the majority of parents – already feeling financially squeezed themselves – being able to help their children buy a home just isn’t possible. Our research shows that 60% of UK parents are unable to save any money for their children’s future. Read more on the Shelter website.