Parents must not put their retirement security at risk to help children onto the housing ladder

In response to Legal and General’s research showing the so-called Bank of Mum and Dad (BoMaD) contributed £6.3bn to help their children get on the housing ladder, Helen Morrissey, pension specialist at Royal London, said:

“While it is natural that parents want to help their children get on the housing ladder it must not be at the expense of their own financial security in retirement. Financial circumstances can change quickly and parents must take advice before lending money to their offspring on whether they can genuinely afford to manage without this money over the long term.”