These days, financial help for younger people comes from grandparents and other family members as much as Mum and Dad. So the Bank of Mum and Dad is really the Bank of Family. We’ve gathered all you’ll need to help your own loved ones, however you’re related to them and whatever you’d like to do for them. Our Guide to Gifting is the ideal starting place.
The Bank of Mum and Dad (BoMaD)
In our article we look at how the Bank of Mum and Dad have supported their children financially. From helping them get on the property ladder to gifting money when they need it most.
Helping your loved ones onto the property ladder
Helping a loved one onto the housing ladder is something most of us wish we could do. But for many young people today, buying a property can seem just out of reach, forcing them into renting or living at home well into their 30s.
Heatmap
Our sources
- ONS, Average house price - www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/april2023
- ONS, Average house price growth year on year - www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/april2023
- ONS, Average mean gross annual earnings of full-time - www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/grossweeklyearningsoffulltimeemployeesbyregionearn05
Helping your family
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Gifting
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Bank of Grandma and Grandad
As a grandparent, how would you feel if you knew your grandchildren were struggling financially? Read Lauren’s story of how her grandparents became the Bank of Grandma and Grandad.
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How much can I gift to my grandchildren?
There are rules around gifting family money, such as children and grandchildren. Read our guide to Inheritance Tax gifts and allowances.
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Conditional gifts in a will
Putting conditional gifts in a will allows you to specify how your estate should be used. Find out more about how to put conditional bequests in a will.
More resources
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How life insurance for over 50s can help your family
If you’re looking to leave your family a cash sum after you die, why not consider Legal & General’s Over 50s Life Insurance? Find out how it works.
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Is equity release right for you?
Although the market now offers greater flexibility, more choice and increasingly competitive rates, myths around equity release remain. Here we set the record straight and explain how equity release can help boost your finances.
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Equity release calculator
Releasing money from your home through a lifetime mortgage could help your family when they need it most. Find out how much you could release with our easy to use equity release calculator.
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Inheritance
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Gifting money to family and inheritance tax
Knowing how equity release inheritance tax works is important before taking the loan. We give an overview on how equity release might affect inheritance.
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How life insurance for over 50s can help your family
If you’re looking to leave your family a cash sum after you die, why not consider Legal & General’s Over 50s Life Insurance? Find out how it works.
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Putting life insurance in trust
Writing life insurance in trust is one of the best ways to protect your family’s future in the event of your death. Here, we take you through the benefits of life insurance trusts, how the process works, who’s involved and the other considerations.
More resources
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Inheritance tax
Find out more about Inheritance Tax, including what’s included in the value of your estate, the standard Inheritance Tax rate and how to work out how much Inheritance Tax your loved ones will have to pay when you die.
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Critical Illness Cover
Critical Illness Cover can be an invaluable way of protecting you and your family against the financial implications you would face if you were diagnosed with a critical illness.
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Equity release calculator
Releasing money from your home through a lifetime mortgage could help your family when they need it most. Find out how much you could release with our easy to use equity release calculator.
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Customer stories
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Evadne
Helping loved ones onto the property ladder is something many of us would like to do. For Evadne, a lifetime mortgage gave her the opportunity to do just that – as well as make some home decorations and plans to travel.
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John and June
Retirement for John and June is “a whole new chapter in life”. Find out how a lifetime mortgage let them stay in the community they love, and plan for the future with their family.
More resources
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Equity release calculator
Releasing money from your home through a lifetime mortgage could help your family when they need it most. Find out how much you could release with our easy to use equity release calculator.
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Frequently asked questions about equity release
Are you considering equity release? We answer the most frequently asked questions about equity release to help you make the best decision for you.
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Critical Illness Cover
Critical Illness Cover can be an invaluable way of protecting you and your family against the financial implications you would face if you were diagnosed with a critical illness.
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Wills
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Conditional gifts in a will
Putting conditional gifts in a will allows you to specify how your estate should be used. Find out more about how to put conditional bequests in a will.
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What is estate planning?
Careful estate planning makes it easier to figure out how to leave a house to someone in a will. For the full picture, read our guide on the best ways to leave money and other assets in a will.
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Planning for the future
Writing a will is an important life decision, but why are some people choosing not to? We commissioned a survey to understand people’s will making habits.
More resources
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How can I plan for later life?
Later life will look a little different for all of us. We share tips on what to think about when you’re planning yours.
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Working after retirement
Considering returning to work in retirement? We look at the advantages, as well as the disadvantages to working in retirement.
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Is equity release right for you?
Although the market now offers greater flexibility, more choice and increasingly competitive rates, myths around equity release remain. Here we set the record straight and explain how equity release can help boost your finances.
Additional support
Free guidance
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Retirement Advice from Legal & General
Our advisers are experts in retirement, providing you with impartial advice from pension and retirement planning.
Help with the cost of living
Citizens Advice offers information and support if you’re struggling with the cost of living.