Home improvements funded by one in five Parents
Father’s Day on Sunday once again reminded us that the bank of mum and dad is always open no matter how old your children are, with many Parents now going to even further lengths to support their children financially – even once they have moved out.
Research by the Post Office Money shows children who have flown the nest remain reliant upon their parents and even grandparents to pay for home improvements. With the bank of mum and dad not just helping adult children on to the property ladder but also providing funds to renovate properties.
The UK is a nation of DIY-ers, spending £30 billion a year on home and DIY improvements but after shelling out for a deposit and house-buying costs, one in five homeowners have turned to parents and grandparents for help with home improvements.
A total of 14% of parents and grandparents have helped their children with the expense of making improvements in their own home.
The pension freedoms introduced last year, which allow over-55s access to their pension as cash, has helped to fuel the transfer of money between generations.
Looking to invest in your Child’s future, set up a Stocks and Shares Junior ISA with the Children’s ISA. A Junior ISA can be set up at anytime before their 18th Birthday, saving a little amount of money on a regular basis will build up a pot of money, which your Children can use in the future. For more information on Junior ISA options visit www.thechildrensisa.com.