Bank of Mum and Dad gives recipients an average of £11,241, Spring finds
A study found that 15% of UK adults receive financial support from their parents, with one in four recipients receiving £10,000 or more.
The average adult receiving financial support from their parents is given £11,241, according to research from savings app Spring.
The study found that 15% of UK adults receive financial support from their parents, with one in four recipients receiving £10,000 or more.
A third of those receiving support are given between £1,000 and £4,999, while 18% receive between £5,000 and £9,999.
Around 16% receive between £10,000 and £24,999, 9% receive between £30,000 and £50,000, and 0.3% receive more than £50,000.
Spring’s research suggested the support is often driven by housing affordability and the rising cost of living.
A quarter of recipients said housing affordability challenges were one of the main reasons for receiving financial help, while 40% cited wider cost of living pressures.
The research also found parents are helping with a range of housing-related costs.
Around 6% of UK adults said their parents had recently helped, or were expected to help, with rent or mortgage payments, while the same proportion had received or expected to receive help with a first-home deposit.
Another 6% said they had received or expected support to pay off debt before applying for a mortgage.
Derek Sprawling, head of money at Spring, said: “Many people associate the Bank of Mum and Dad with helping younger family members onto the property ladder, but these findings show the scale of support being provided can be significant.
“For those fortunate enough to receive financial help, it can accelerate progress towards major life goals such as buying a home or building financial stability. However, not everyone has access to that support, making personal savings more important than ever.
“Building savings gradually over time remains one of the most effective ways to create financial resilience. Setting clear goals and regularly putting money aside can help people prepare for future milestones and reduce reliance on external financial support.”
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