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MEDIA > Press Releases > 2012 Press Releases > Halifax > 12 June: Bank of Mum and Dad burdened by Generation Rent 

Bank of Mum and Dad burdened by Generation Rent and worry for their financial future

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The struggles facing young people as they try to get onto the property ladder are impacting the financial future of their parents and families. In-depth research conducted by Halifax, the UK's largest first time buyer lender, and the NatCen Social Research shows:

  • Half of 20-45 year olds think that Britain will become a nation of renters within a generation
  • The reliance on the Bank of Mum and Dad leaves a third of parents concerned for their own financial future
  • Just 14% of non homeowners between 20-45 years old are actively saving for a deposit
  • Only 8% of parents believe first time buyers should borrow money for a deposit, yet 44% have, or have plans to contribute an average of £12,800
  • 24% of parents have had their children move back home as adults due to the current market

 

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Halifax Factsheet

NatCen Social Research