Britain’s family bank: an examination of family financial support across the generations and its impact

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Nigel Keohane, Nicole Gicheva and Andrew Barlow

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Think of the ‘Bank of Mum and Dad’, and you conjure up an image of well-heeled, wealthy parents gifting their adult offspring large sums of money to cover university expenses, a lavish wedding or to buy a home.This report, however, paints a very different picture of family finances in modern Britain.
The research examines the nature of intergenerational financial support taking place in modern Britain and its long-term implications at an individual and societal level. It identifies trends that are likely to affect the prevalence and type of intergenerational family finance in the future. It highlights the big questions that politicians, policymakers and industry should be discussing and addressing.
It seeks to ask:1) How do family members support each other financially? And, for what purposes? And, what is the impact of support provided? 2) How is the interconnectedness of family finances set to change in the future? And, what are families going to have to prepare and plan for in the future? 3) What is the long-term impact on families depending on the resources they have available and the choices they make? 4) What are the implications for policy, industry and regulation?


Households and Finance



Is referenced by: Great Britain. Parliament. House of Lords. Select Committee on Intergenerational Fairness and Provision (2019) Tackling intergenerational unfairness. Report of session 2017–19. Ordered to be printed 26 March 2019 and published 25 April 2019, HL Paper 329. London: Great Britain. Parliament.

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