Bank of Mum and Dad handing over £10k to help adult children get ahead

Research from the savings app Spring has found that adults receiving financial support from their parents receive an average of £11,241, highlighting the role family wealth plays in helping adult children navigate major financial milestones.

While around one in seven (15%) UK adults receive financial support from their parents, those who do are often receiving significant sums. A third receive between £1,000 and £4,999, while almost one in five (18%) receive between £5,000 and £9,999.

One in four recipients receive more than £10,000 in support. This includes around one in six (16%) who receive between £10,000 and £24,999, while almost one in 10 (9%) receive between £30,000 and £50,000. A small proportion (0.3%) receive more than £50,000.

The research suggests parental support is being used to help overcome major financial barriers, particularly around housing and affordability. A quarter of recipients say housing affordability challenges are one of the main reasons their parents provide support, while four in 10 (40%) cite wider cost of living pressures.

Parents are helping with a range of financial commitments. Around one in 16 (6%) UK adults say their parents have recently helped, or are expected to help in future, with rent or mortgage contributions, while the same proportion have received or expect to receive help with a first-home deposit. Around one in 16 (6%) have received or expect to receive assistance paying off debt before applying for a mortgage.

Against a backdrop of rising housing costs and continued pressure on household finances, the findings highlight the important role family support can play in helping younger generations build financial security.

Derek Sprawling, Head of Money at Spring, said  “Many people associate the Bank of Mum and Dad with helping younger family members onto the property ladder, but these findings show the scale of support being provided can be significant.

“For those fortunate enough to receive financial help, it can accelerate progress towards major life goals such as buying a home or building financial stability. However, not everyone has access to that support, making personal savings more important than ever.

“Building savings gradually over time remains one of the most effective ways to create financial resilience. Setting clear goals and regularly putting money aside can help people prepare for future milestones and reduce reliance on external financial support.”