Housing affordability a main reason for Bank of Mum and Dad support

New research from savings app Spring has found that parents financially supporting their adult children contribute an average of £11,241 to help them reach major financial milestones such as buying a house.

15% of UK adults receive financial support from their parents. A quarter of recipients say housing affordability challenges are one of the main reasons their parents provide support, while four in 10 cite wider cost of living pressures.

In addition, 6% of UK adults say their parents have recently helped, or are expected to help in future, with rent or mortgage contributions, while the same proportion have received or expect to receive help with a first-home deposit.

Around one in 16 (6%) have received or expect to receive assistance paying off debt before applying for a mortgage.

Spring says that against a backdrop of rising housing costs and continued pressure on household finances, the findings highlight the role family support can play in helping younger generations build financial security.

A third of those who receive financial support from parents say they receive between £1,000 and £4,999, while 18% receive between £5,000 and £9,999.

One in four recipients receive more than £10,000 in support. This includes 16% who receive between £10,000 and £24,999, while 9% receive between £30,000 and £50,000. A small proportion (0.3%) receive more than £50,000.

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."