The Bank of Mum & Dad

Bank of Mum and Dad

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dreamstime_m_34685344.jpgThe National Housing Federation has released a report on parents’ housing fears for their children. The report shows how rising housing prices, coupled with the current economic climate, has caused parents to worry about the impact this will have on their children’s chance of owning their own home. With 25% of parents already saving money for their children’s first home – despite that fact that one in twenty parents are still reliant on handouts from their own parents towards housing costs, the report has highlighted parents’ fear that their children will not be able to afford a home in the future. Alongside this, 80% of parents don’t feel that any of the mainstream political parties will effectively deal with housing issues, and two thirds of parents fear that their children won’t be able to buy a home in the future without their financial support. Steve Hicks, Managing Director of Genie said, “There needs to be more solutions available to help solve the housing crisis that the younger generation is facing.”

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