- New Wealthify research reveals the equivalent of over 9 million adults in the UK received a ‘lump sum of savings’ from their parents — with the average amount coming in at £15,314.48.
- Parents in the North East, West Midlands and London are the most generous with their gifts
- 1 in 3 (33%) UK adults say their parents help them out with day-to-day finances, with adult children in Scotland and London most likely to say this
- The ‘lump sums’ from parents were most likely to be spent on cars, properties, and investments
Nearly a fifth (19%) of parents in the UK gift their adult children ‘lump sums’ of savings in early adulthood – a new survey from Wealthify has revealed.
Wealthify surveyed 2,000 adults from across the UK to uncover how financial help from parents affects adult children’s financial habits and to see if ‘nepotism’ truly exists in the nation’s finances.
The research reveals that of the 9 million Brits who receive a ‘lump sum’ of money from their parents in adulthood, the average amount is £15,314.48.
The findings show that parents in the North East, West Midlands, and London are most generous in the amount they gift to their adult children, with averages of £23,766.53, £19,850.04, and £19,275.69, respectively.
Similarly, Northern Ireland (9%) and Yorkshire (13%) are the places where adult children are least likely to receive any ‘lump sums’ of money from their parents.
See %s of adult children who receive a ‘lump sum’ of money from their parents and the average amount received in the table below:
In order of highest average amount received
| Region | % of people who received lump sum | Average amount received |
| North East | 18% | £23,766.53 |
| West Midlands | 22% | £19,850.04 |
| London (including Greater London) | 30% | £19,275.69 |
| Eastern England | 18% | £16,032.32 |
| East Midlands | 15% | £15,555.64 |
| North West | 22% | £14,112.27 |
| South West | 18% | £13,240.72 |
| South East | 16% | £12,964.26 |
| Northern Ireland | 9% | £11,666.5 |
| Yorkshire & Humberside | 13% | £11,590.95 |
| Scotland | 15% | £10,241.87 |
| Wales | 19% | £7,261.83 |
These ‘lump sums’ gifted from parents to their adult children are most likely to be spent on cars, with 1 in 5 (20%) saying this is where they spent their money. Following cars were properties (17%), investments (14%), and savings accounts (14%).
While many people across the UK don’t receive ‘lump sums’ of money from their parents in adulthood, that doesn’t mean their parents don’t help them with day-to-day finances.
Wealthify’s research reveals that a whopping 1 in 3 (33%) adults in the UK say their parents still help them out with everyday finances, with adult children in London (41%) and Scotland (36%) most likely to say this.
An average of 44% of 18-44 year olds still receive everyday financial help from their parents, with this number gradually declining in the over 45s.
Despite this, more than a third (36%) of adults say they don’t manage their finances as well as they should, another 1 in 3 (32%) say they’re guilty of making impulse purchases, and another two-fifths (38%) say they run out of money towards the end of the month before they’re paid.
For more details about Wealthify’s research, visit: https://www.wealthify.com/blog/lump-sum-savings-from-bank-of-mum-and-dad
