17.03.2020 | 5 minutes estimated reading time | Print this article

Is the ‘Bank of Mum and Dad’ being replaced by the ‘Bank of Son and Daughter’?

It’s not uncommon to hear of young adults making a withdrawal from the ‘Bank of Mum and Dad’, but did you know that for some people those roles are reversed? Our latest study shows that almost half of UK adults have lent money to their parents at least once.

Here are the key findings from our research of the mythical ‘Bank of Son and Daughter’:

Bank of Son and Daughter

  • 44% of UK adults have lent their parents money at least once.
  • 1 in 5 UK adults has given one or both of their parents’ money for something they couldn’t afford.
  • 1 in 10 UK adults has helped their parents pay their mortgage or rent.

Who’s best at helping Mum and Dad; Son or Daughter?

It might surprise you to discover that there’s quite a difference between men and women that financially support their parents. We found that parents are more likely to ask their sons for money rather than their daughters, with twice as many men than women saying that their parents rely on them financially:

Men Vs. Women

Percentage of UK adults who say their parents rely on them financially grouped by gender

  • We found that more men have paid off their parents debt, with around 1 in 10 of men having repaid their parents’ debt on at least one occasion compared to around 1 in 20 women.
  • Men also help their parents more with housing than women, by paying their parents’ rent, acting as a financial guarantor or contributed to their mortgage repayments:

Men and women helping parents

  • When it comes to retirement, although most of the people we spoke to weren’t worried about their parents retiring, we found that around 1 in 10 women are more concerned that their parents won’t be able to afford retirement, compared to around 1 in 20 of men.

Which age group is more likely to lend money to their parents’?

As with the differences between men and women, our research highlighted a trend in the age of those helping their parents:

  • Although only around 1 in 10 of those aged between 18 and 24 feel that they are financially better off than their parents, 71% of those in this age group said that they had lent their parents money at some point.
  • We found that those aged between 25 and 34 are most likely to ask their parents for money, with around 1 in 3 of those we spoke to telling us that they have asked their parents for help with financial struggles at least once.
  • Our research shows that younger generations are more likely to lend money to their parents than older generations:

Age Group

% who have lent their parents money











Percentage of UK adults who’ve lent their parents’ money grouped by age

Where is the Bank of Son and Daughter?

Gender and age aren’t the only factors that affect the likelihood that children will lend their parents’ money; location plays a part too.

  • Parents with children living in London are most likely to ask their children for financial help, as around 1 in 5 of parents whose children live in London have asked them for money, compared with around 1 in 10 of parents in East Anglia.
  • 1 in 5 adults in the North East says they’re in a better financial position than their parents, whereas around half as many people in Wales are in the same situation.
  • More people in the North West of England have paid off their parents’ debts than those in any other part of the UK, followed by those in the North East, London and East Anglia. Adults living in Wales and Northern Ireland, however, are the least likely to pay off their parents’ debts for them:

Bank of Son and Daughter by region

Percentage of UK adults who have paid off their parents’ debts at least once grouped by region

  • 1 in 10 people in the North East has paid their parents’ rent at least once.
  • Adults living in Scotland are more likely to be relied on financially by their parents than those living in England, Wales or Northern Ireland.

Our thoughts on the Bank of Mum and Dad

Kevin Mountford, Raisin UK co-founder, commented the following:

We’ve known about the Bank of Mum and Dad for years now, but these new findings suggest that some parents rely far more on their children for financial support than we thought they did. You could view the outcome of our research as a positive sign that there’s a whole wave of younger financially savvy generations that have better access to the tools that enable them to be financially healthy.

While it’s great to see that there are so many people in a position wherein they can help their parents with their finances, this research also highlights how important it is to keep financial planning in mind at all times, regardless of your age or life stage“.

Our research shows that the Bank of Son and Daughter is thriving, bringing a whole new perspective to the financial health of families’ across the UK.