Bank of mumand dad helps young
HALF of parents who want to help their children onto the property ladder, plan to raise money from their own cash savings, according to new research from Castle Trust.
As well as raiding their own savings accounts, a third intend to raid their stock market-related investments and a quarter will use Junior ISAs and Child Trust Funds. One in five say they will cut back on spending in order to help their children on to the property ladder.
The contribution from the bank of mum and dad is likely to be £16,300 on average.
Three out of four (73 per cent) parents don’t expect to get the money back and do not see the handout as a loan, say Castle Trust.