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1 in 3 financially supporting family and friends


Nov 9, 2023


Nearly 1 in 3 (32%) of Britons have given monetary help to household or associates over the previous six months, in keeping with a brand new report.

One in 10 retirees who had helped somebody financially did so utilizing cash from their pension, in keeping with the most recent LV= Wealth and Wellbeing report.

The principle causes folks gave away cash had been to assist with day-to-day prices (40%) and payments (33%). Over the previous six months Britons had additionally given cash to assist with paying money owed (11%), mortgage or hire (11%), and childcare/schooling prices (8%).

The common quantity given to youngsters was slightly below £9,000, whereas the common quantity for grandchildren was (£10,300).

Youthful savers had been much less more likely to have given assist, with 20% of these aged between 18 and 34 having supported family and friends financially.

David Hynam, CEO at LV=, stated: “In current months, youthful generations have needed to lean on family and friends members for monetary assist with dwelling prices. Dad and mom are additionally keen to assist their youngsters via maturity, doubtlessly placing a pressure on their very own funds.

“Retirees are dipping into their pensions and different financial savings. The thought of passing down a dwelling inheritance is comprehensible, but it is necessary that this shouldn’t stop a cushty retirement when many pensioners are already dwelling on a hard and fast revenue.”

A separate report from BNY Mellon earlier this week discovered that 29% of economic advisers have seen shoppers share issues over the price of supporting members of the family.

LV= surveyed 4,000 Britons in June.


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