By Linda Hall • 15 February 2023 • 13:13
PARENTS: Increasingly likely to provide financial assistance
Photo credit: Pixabay/J Henning
The Institute for Fiscal Studies (IFS) estimated that this year they would help out with around £17 billion (€19.13) on marriage or buying a house.
Around 30 per cent of young adults in their late 20s and early 30s can expect to receive at least one substantial transfer of £500 (€563) or more over any eight-year period from their parents, the IFS revealed.
“These transfers are very unequally spread,” IFS investigators said, as the children of university-educated, home-owning parents received up to six times more in their 20s and 30s than those who families rented.
White young adults were also three times more likely to receive a substantial gift than Pakistani or Bangladeshi young adults, the IFS said.
The report found children in the highest-income fifth of society received 26 times more than their peers in the lowest fifth during early adulthood. Help amounted to £6,300 (€7,094) on average for the wealthiest, compared with £240 (€270) for the poorest.
People were more likely to receive a large gift on marrying but were unlikely to receive transfers when facing adverse events like losing their job.
Those in the least-wealthy third also tended to use gifts to purchase a new car, to pay off debts or for educational expenses, the IFS added.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
Then get in touch at firstname.lastname@example.org.
Download our media pack in either English or Spanish.