Bank of Mum and Dad - Tonight

Bank of Mum and Dad - Tonight, ITV at 7.30pm Credit: ITV / Tonight

The Bank of Mum and Dad have coughed up, on average, a total of £6000 in financial support for their grown up offspring.

Tonight, Adam Shaw investigates the financial crisis facing today’s young adults.

Adam meets 22-year-old Jess, who is one of thousands of graduates facing the realities of this financial crisis.

With a first class degree in Philosophy, and a Masters in Legal and Political Theory, Jess now has student debt totalling £50,000.

She has found her only option is staying under her parents roof for the foreseeable future.

And Jess isn’t alone.

A reported one in four people aged between 20 and 34 are still living at home, with parents footing the bill, and the average student debt in the UK after graduating is £44,000.

Living at home does prevent you from feeling you’re progressing with your life. You feel like a child sometimes. Among my friends it’s very common... we’re all kind of struggling to see how we would be able to move out in the near future. I think my generation’s been let down.”


On the programme, Psychologist Dr. Linda Papadopoulos explains the effects that dependency on parents can have.

Dr. Linda Papadopoulos Credit: ITV / Tonight

A normal part of development is to have a sense of independence, and when you feel that you’re being deprived of that, then that’s not a healthy thing.

Dr. Linda Papadopoulos

But what about those who have moved out? Last year saw 5 billion pounds loaned to young adults by friends and family in the UK.

This put the group known as the Bank of Mum & Dad in the top 10 mortgage lenders in the country.

And it’s no longer just Mums and Dads who are freeing up cash to help fund first time buyers.

Doreen, 83, recently remortgaged her house in Essex to release £120,000 in equity to give to her grandson Aaron to enable him to get on the property ladder.

Aaron put the money towards the deposit on a new build house worth £370,000, where he will live with his partner Stacey and two step children.

Doreen and grandson Aaron visiting the house she helped him to buy Credit: ITV / Tonight

I really, really feel sorry for the young ones today that really want to buy a home of their own. I don’t see how they can do it. But because my house has gone up so much in price I was able to help him. And I’m very pleased that I’ve been able to do it.


But can generosity from older generations sometimes come at a cost to their own financial security?

Out of the parents in our exclusive Tonight poll who have an adult child at home, 28% said the financial support they’re providing means they might have to rethink their own long term plans.

Further results from our exclusive Tonight Poll...

Of 500 people aged 20-34 surveyed who are currently living with their parents:

  • 69% were still living at home despite being in employment.

  • 24% said they were discontented with living with their parents.

  • 33% had plans to move out within the next year.

  • 78% wanted to own their own property.

  • 57% said they’re unsure if they’ll ever own their own home.

  • 74% thought it’s harder to be financially independent now than when their parents were their age.

  • 40% said that the thing that could most help their long term plans would be if you could get a mortgage with a lower % deposit than is currently possible.

  • 72% thought that there’s a lack of financial education for children and young adults in the UK.

Of 500 parents surveyed who have children aged 20-34 living at home with them:

  • 40% charge their adult children no rent at all, whilst 53% charged just a token amount that they think their child can afford.

  • 69% don’t charge their child for food or bills.

  • 20% said they would be able to contribute over £15,000 towards their child’s house deposit.

  • 70% thought it’s harder to be financially independent for young people today, compared to when they were young adults.

  • 25% thought that part of the problem is that their child/children are bad at managing their money.

  • When asked which factor would most help their long term plans, 39% said if you could get a mortgage with a lower % deposit than is currently possible. 30% said more affordable rent costs would be the most helpful factor.

  • 28% said the financial support they’re providing means they might have to rethink their own long term plans.

Useful Links:

The Intergenerational Foundation - an organisation that researches fairness between generations

The Student Loans Company - for a guide on how the student loan repayment system works for undergraduate loans

The Which? Guide to equity release

Bank of Mum and Dad is on ITV at 7.30pm and The ITV Hub shortly afterwards.

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