Instead of having nothing after 25 years of renting, millennials (aged 25-34) could buy a home and build a pension pot that together could be worth over £366,000 if they get a financial leg up from their grandparents. A one-off gift from grandparents can help transform the lives of their grandchildren, according to the final part of the Brewin Dolphin Family Wealth Report.
Liz Alley, divisional director of financial planning, Brewin Dolphin said:
“We are urging millennials to ask ‘Grandbank’ – the bank of their grandparents – for a deposit for a home. This would get millennials out of the rental trap and onto the property ladder and, with any rental savings then ploughed into a pension, they could also have a six-figure pension pot. Most over-55s intend to support their family financially, via their Will. However, releasing the same money now could change millennials’ lives, both now and in the future. The impact of gifts of any size, either one off or regular shouldn't be underestimated.”
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