40% of Britain's parents have assisted their children buy a property or intend to in future, new research shows.
13% of parents have lent £20,000 to their children or intend to, with 76% of these parents stating they are not expecting to be repaid.
More parents would assist their kids if they were able. A quarter state they would like to assist their children buy a home, yet feel unable to afford it.
Overall, British children do not expect handouts. 14% of 18 to 29 year olds would like help with their deposit to buy a home, with 55% of children admitting they were aware a parental loan was a possibility. Over a third say they were surprised by the parental offer.
The research was conducted for unbiased.co.uk.
Given that parents wish to help their children with this great financial burden, the need for financial advice is clear. Parents need to be sure that they are able to make a contribution and ponder over how best to raise the money .
Both parents and children are likely to benefit from independent financial advice, therefore, visiting an IFA ( Independent Financial Advisor ) is vital prior to making a decision.
Numbers off parents acting as guarantors is likely to increase, with 12.5% stating they have acted as guarantors, with 36% planning to in future.
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40 Per Cent of Children Helped To Buy Property By Parents
Thu, 09 Nov 2006
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