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Finance for grandparents

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Forget the ‘Bank of Mum and Dad’, increasingly we are hearing more about the ‘Bank of Gran and Grandad’.

Nearly a tenth of all first-time buyers are relying on the generosity of their grandparents to help fund their deposit. This figure is up four-fold in just five years.

It’s not just providing a leg up on to the property ladder either. Cars, family weddings, starting new businesses and funding education are also popular.

A fifth of retired homeowners taking advantage of their property wealth are gifting almost £40,000 to their family on average.

It is vitally important though that you don’t put yourself at a disadvantage in retirement as a result.

Make sure that the help you give both during your life and after you are gone is protected from the taxman and that you take advantage of any help from the government.

Things are a lot more complicated since our grandparents used to press 50p into my hand at the end of every visit but Boring Money can help.

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