Financial news now, with the revelation that generational wealth transfer might not be a one-way street:
Bank of Mum and Dad works both ways as ‘half of parents’ get cash from their kids
The Bank of Mum and Dad isn’t just for kids’ withdrawals – almost half of parents receive financial support from their children, research claims.
While the younger generation is well known for having to scrimp and save to climb onto the housing ladder, it is suggested many are also having to help their families at the same time.Source: Mirror, 18th June 2019
Which company wants to get you thinking about your finances, and your financial relationships?
The M&S Bank research claims 49 per cent of millennials (23-38 year olds) provide financial support to their parents.
That’s M&S Bank, who only recently were heavily criticised for their PR story promoting the notion that dads are better than mums at handling the family finances. This is the latest in their run of stories analysing the way in which families share resources – perhaps because they’re pushing a “family bank” PR campaign.
Paul Stokes, head of products, M&S Bank, said: “Despite common perceptions about the bank of mum and dad, what we are seeing is that the ‘family bank’ works both ways, with people ‘depositing’ and ‘withdrawing’ from the family finances at different times in their lives.
“While millennials or Gen Z-ers may be boomeranging back to live in the family home at some stage in their adult lives, with parents often supporting their children to get a foot on the property ladder, this support is not a one-way street with many younger generations also helping parents, and other family members.