‘The bank of grandma and grandad’

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grandparentWhile most of us will be saving up hard to support our children in the future, it seems that increasingly our mums and dads are also playing their part.

Research from housebuilder Taylor Wimpey shows that as many as one in 10 young adults in the UK have sought help from their grandparents in order to build up a housing deposit.

This is because many feel their parents are already feeling the financial strain in light of the tough economic environment.

Of the parents polled in the study, 65% say their own tight financial position means they sadly can't help their grown-up children with their mortgage problems, as they would like.

However, among its other findings, the firm said the failure of young adults to raise deposits has forced some to live longer in their parents' homes.

One in 10 of the young people questioned in the research who have yet to leave their family home even said they might not be able to escape until their late 40s or early 50s!

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