Bank of mam and Dad,do you have you?

BEAT_THE_DEBT

Hi on tv I was watching a feature on the "bank of mam and Dad" we have been lucky enough to have some money gifted off parents and they have helped us out. Have you? Or do you fund your adult kids? Any of you saving for kids for future?:A
Just wondering
BTD X

AnnieO1234

Yes we've been helped out due to circumstances by parents, and I suppose really with stuff like gifts that some would think were extravagant too. We plan to be able to provide deposits at minimum for our children, their driving lessons and first cars.

xxx

PasturesNew

Nobody's ever given me a bean.

enthusiasticsaver

Yes we have had money from my mum, quite a lot. Some of which we have passed on to our two adult kids for university, cars, house deposits, grandchild etc etc. The rest we have either used for holidays, home improvements or saved towards early retirement.

greensalad

Only loaned, and returned. I was given some money by my Dad once which was paid back and I'm in the process of paying back my Grandparents.

But gift? No. None of my family are willing to do it. I don't really care about the money though it does irk me that people with lots of money would rather use that cash to accrue more than they could possibly need, rather than helping out their families. But that's my opinion and I'm aware I'm a lot more giving than some in my family.

Baby_Angel

No help either from Parents or In-laws. Just the opposite. We both have been working so hard all our adult life. Numerous times we have bailed out OH's siblings from all their failed business adventures. A few times I had helped my family (Parents and siblings) as well.

Our DD is still young, but we hope to be more helpful to her financially. Definitely Uni fees and all costs until she starts working. Not really sure about a deposit at this stage. Will do if we can afford it.

Soundgirlrocks

Yes, money that had been put away for my university costs, I dropped out - a few years later my mum gave me the cash she had saved as both my sibling had had money through uni and she felt it was fair and saw it as my money. Ive also been given my step dad's old car, 200,000 motorway miles as they knew I needed a new car and they wouldn't have got much for the car as milage was high so felt it made sense I got use out of it in the city - again siblings have been bought cars (both still at home) and they live in a very rural village having a car is pretty essential (you have to pre book if you want the bus to come into the village!) Ive also had loan to cover a very large unexpected vet bill.

None of this was expected or asked for. I wasn't entirely comfortable accepting the loan. I was happy to use my emergency credit card and then extend my mortgage but mum insisted as "no point paying interest when I have savings sitting there not doing anything"

Ive always tried to be independent and when I dropped out I didn't accept any cash for rent etc I supported myself for the rest of the year as I was stuck in a private rental before I could come home

I'm very gratefully to them, they see it as they had help when they were younger and insist in treating all of us the same. I also think my mum feels guilty as there was no spare cash when I was growing up compared to what my siblings experienced so I've learned not to argue if she want to give me something, just to say that is very kind thank you.

AnnieO1234

I'm not trying to de-rail the thread, but I wonder if this is a familial cultural thing?

I know my grandparents were helped by my great grandparents, in turn they helped my parents (not sure about my in laws), but both my in laws and my parents have helped us and we are planning to help our kids.

xxx

SpekySquarehead

I have.

Paid for driving lessons and my first car. I pay my own way now and glad I do.

pollypenny

We were lent smallish amounts by my father, which we repaid.

We helped each if our two with passing one older cars and eith deposits. We always pay for the service and MOT of DD's car for her birthday. ( my old car, that was).

elsien

I have been bank of children whereby I loan parent money and they pay it back in due course. Does that count?