The over-55s are firmly established as the generous generation with more than three out of four homeowners (76%) looking to help their children financially and more than one in five helping out grandchildren (22%), new research from the UK’s leading independent equity release adviser Key shows.
Average handouts for their children are nearly £17,000 while the lucky grandchildren can look forward to average £11,300 in pre-inheritance, Key’s study found.
Its research among homeowners aged 55-plus found nearly half (46%) have already helped children while another 30% plan to do so. That equates to around 8.6 million homeowners helping out families.
The study found around 4% have also made financial gifts to grandchildren and another 18% plan to do so – the equivalent of around 2.5 million homeowners aged 55 and over.
The money is being given to help with a range of financial needs ranging from house deposits to paying off debts.