The Financial Times reports on our independent survey of Gen Z adults and quotes Sally Ashford on the influence of the Bank of Mum and Dad and potential strings attached
We recently commissioned a survey revealing that over two-thirds of the UK's Gen Z adults receive financial support from their parents, otherwise known as the 'Bank of Mum and Dad' for significant life expenses, such as buying property, planning a wedding or buying a car.
Our survey found that over half (56%) of young people said that financial help or inheritance would come with strings attached.
Our survey, which features in The Financial Times, highlights the challenges and dynamics of financial assistance, including the expectations set by parents and the potential 'strings attached'. For example, casting an eye over entrepreneurial children's business plans, or asking unmarried children who are buying properties with their partners to sign cohabitation agreements.
Sally Ashford, Private Client Partner, sheds light on the protective reasons behind these conditions, aiming to preserve family assets and navigate the complexities of intergenerational wealth transfer.
Sally says:
Family gifting plays a huge role in the majority of big purchases like home ownership and weddings for younger generations. Families across the generations are facing tough decisions as they try to balance the aspirations of today with the needs of tomorrow, and these decisions can create tensions between families, as children feel an obligation to follow parental advice, given the support they have received.
Read the full piece in the Financial Times here.
