Who Needs You? The Change in Family Finances
We’ve all heard of (and, no doubt, used) ‘The Bank of Mum and Dad’, but it looks like this well-known institution may be franchising! ‘The Bank of Brother and Sister’, ‘The Bank of Grandma and Grandad’ and even ‘The Bank of Sons and Daughters’ all appear to have opened for business recently, as new research shows the traditional arrangement of children borrowing money from their parents seems to be evolving.
In contrast to the linear idea of parents only supporting children financially, research now shows that 25% of families share their money across multiple generations to help one another….