Quantcast
Menu

Equity Release

Baby boomers give cash boost to children

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
11/06/2018

Older homeowners use equity release to help their children onto the property ladder

Three in 10 baby boomers would use equity release to create a living inheritance for their children and grandchildren, according to research from SunLife.

And many would rather pass on a cash windfall than spend it on themselves.

Almost half (46%) of the UK’s baby boomers have received a cash lump sum inheritance. One in seven was left more than £100,000, while four out of 10 have benefitted from a cash gift of between £10,000 and £100,000.

Pay it forward

But rather than spend the lump sum on themselves, the research revealed that two in five of them would rather use their windfall to make a cash gift to children, while a fifth would give grandchildren a helping hand.

SunLife’s director of marketing, Ian Atkinson, said: “We know that for many people over 55, family plays a significant part in their life. One in five admits they are worse off than expected because their children need more money help than they’d planned for.

“Despite already providing both financial and practical support, three in ten baby boomers plan to use equity release to create a living inheritance for children and grandchildren.

“Far from hogging the nation’s resources, baby boomers are unlocking tax-free cash from their home to help family members get their foot on the property ladder, or clear university fees and debt”.