Opening Hours

Open until 8:00pm today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0808 252 9170

Financial support soars as the over 55s show their generosity
Almost half of all homeowners surveyed aged 55+ have gifted nearly £17,000 to their children, on average, while a further 30% plan to do so in the future, according to our latest research. 

The report states that 46% of the 950 UK homeowners over the age of 55 surveyed have handed out nearly £17,000 to their children, while 22% of the same demographic have financially supported their grandchildren to the tune of £11,300, on average. 

According to the research, the money is being gifted to help with a range of financial needs, including house deposits and paying off debts. 

Will Hale, CEO at Key, said: “With more than three out of four (over 55s) planning to help children, and one in five helping grandchildren, there is clearly a real desire amongst this group to support younger generations and a recognition of some of the financial challenges they are facing.” 

A growing intergenerational divide in terms of wealth and financial wellbeing may be an explanation as to why so many are supporting the next generation, with 73% of homeowners aged 55+ and 80% of 18-54-year-olds believing there is a significant difference in wealth between the two demographics. 

And while only 55% of those over 55 believe it is their duty to try and pass on wealth to the next generation, 89% are keen to gift some of their accumulated estate to support posterity. 

The North East proved to be the most generous region in the UK, with 94% of homeowners over 55 having already given or planning to give to their children – 18% higher than the UK average. 
Meanwhile, London is the most generous region for supporting grandchildren, with 34% of homeowners aged 55+ either giving or planning to give to them. 

“The over 55s have done well out of property wealth growth and many may be benefiting from generous company pension schemes,” Key CEO, Hale, added, with 70% of those 55+ believing their generation has been very fortunate in accumulating wealth. 

“However, whilst their current financial wellbeing is enabling them to help out family, there may be worries of over-extending themselves and underestimating the costs involved in the latter stages of life,” Hale continued. “Therefore, it is vital that the over 55s seek specialist advice when choosing to access the wealth in their property.”

Equity release has become a reliable and strategic financial option for those wanting to witness the next generation utilise their gift, with recent figures showing over a quarter use their biggest asset to support their family*.  

But at Key, we understand the importance of seeking honest, expert advice from an independent, accredited equity release adviser with whole-of-the-market knowledge before releasing equity from your home, which is why we offer a no-obligation appointment service. 

We also know that equity release is not for everyone. And, if it’s not the best option for you, we will tell you. 

Things to consider 

Our independent, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.

You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.

With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.

You should always think carefully before securing a loan against your home.

You may also be interested in: The Bank of Mum and Dad


Latest in Retirewise

Return to RetireWise Return to KeyAdvice