A recent study by the HomeOwners Alliance reveals that over half of homeowners with adult children feel a pang of guilt for not being able to financially support their offspring's property dreams.
The research highlights the significant role parents play in helping their children step onto the property ladder. A whopping 59% of parents fret over their children's future homeownership prospects. Half of these parents wish they could provide more financial support, and a quarter experience guilt for not being able to contribute more.
Digging into their savings or investments is the route 28% of parents expect to take to support their children. However, this decision doesn't come without its worries. 13% fear they won't have enough money for the long term, and 10% worry about affording long-term care.
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The pressure doesn't stop there. Around 9% of parents lending support may need to delay retirement and work longer, while an equal proportion might need to downsize their home.
Paula Higgins, Chief Executive of the HomeOwners Alliance, paints a vivid picture of the emotional and financial strain on families. "Our survey found that many people were worried that helping may leave them financially short. And 1 in 10 may even delay their retirement and work longer into old age in order to help their child buy a house," she says.
The current system, according to Higgins, is overly pressurised. She calls for the government to reinstate local housing targets urgently, highlighting the dire need for a solution to this property predicament."
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