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For many young people, the only way to afford university or to get a foot on the property ladder is with financial support from family members. According to a report by The Institute for Fiscal Studies (IFS), almost a third of young people receive at least one transfer during their 20s and early 30s - most commonly from a parent.
This month on The Pension Confident Podcast we’re discussing the hot topic of ‘the Bank of Mum and Dad’. Join our host, Philippa Lamb, and our expert panel as they discuss how to talk about money with family, setting healthy boundaries, and strategies for safeguarding your financial future.
01:46 The Bank of Mum and Dad in practice.
05:10 Planning for predictable financial support.
08:13 Helping financially while your child’s studying.
10:43 Funding your child’s big adult milestones.
14:14 Implications of dipping into your savings.
17:31 Ongoing bankrolling and protecting your financial security.
20:35 Treating children equally or equitably?
22:55 Making sure you’re on the same page.
24:51 A living versus willed inheritance.
To learn more about financial relationships with family, check out these articles and podcasts from PensionBee:
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