MONEY POLL: Are you the Bank of Mum and Dad for your children? Vote now
GB NEWS
Bank of Mum and Dad is the term used to describe when parents and grandparents support their children financially
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Younger Britons are increasingly having to rely on the so-called "Bank of Mum and Dad" to pay for the rising cost of living and get on the property ladder, but analysts have raised concerns this is impacting the retirement prospects for thousands.
Research from Rathbones suggests that around a third of middle-aged parents are being forced to postpone retirement retirement to help their children financially, with 27 per cent extending work by up to a decade to put children through university.
Earlier today, a leading mortgage lender confirmed it would be clamping down on deposits from borrowers, who have received financially support from the "Bank of Mum and Dad".
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