Latest research from SunLife has indicated that the Bank of Mum and Dad has handed out £98 billion over the past five years, with parents over the age of 50 helping their children to get onto the property ladder, pay bills and settle debts.
The study, which used data from SunLife customers and the Office for National Statistics, found that around £35 billion of the total handed out has gone toward property purchases, with £2 billion given to help pay basic household bills.
The research also highlighted that parents over the age of 50 have given vast sums to help their children with bills and have also been put towards buying property and settling debts
The Bank of Mum also helped with school fees and cars, and some just gave money to their children just because they ‘could afford to’.
Regional analysis showed that families in London and the wider South East area handed out £36.5 billion between them while people in the North East gifted a total of £1.9 billion.
SunLife Chief Executive, Mark Screeton said “Financially supporting family is a priority for many over-50s. Our research shows that many are giving significant cash gifts for a range of different reasons, including toease the burden of debts and the rising cost of living.”