B08: Bank of Mum and Dad

Well-off families in upmarket suburban homes where grown-up children benefit from continued financial support

Type of Prestige Positions consisting of 1.68% of households and 2.85% of population

Who We Are

  • Aged 56-65
  • Household income £70k-£99,999
  • No children
  • Owned detached house
  • High level of household technology

Key Features

  • Settled families
  • Adult children at home
  • Own large, detached houses
  • Company directors
  • High discretionary income
  • Electronic money transfers

Description

Bank of Mum and Dad are parents in their fifties and early sixties who are supporting children in their twenties by providing them with a home.

Their good quality houses have space to accommodate the younger generation. Typically detached with four bedrooms, these homes were bought many years ago and any remaining mortgage is a small proportion of the property value. They are located in pleasant neighbourhoods on the outer edges of cities and towns or in lower-density locations nearby.

The older generation earn good salaries and can afford to subsidise their offspring. Some are company directors and may run their businesses from home. Over the years, they have built up savings and many now own shares of reasonable value.

Some of the younger generation are students, others work in lower-paid jobs while looking for longer-term options, and some may have recently started career jobs. Their parents’ support means they can use any income they earn to spend or save.

The household is likely to own more than one car to cater for everyone’s needs. They are well equipped with technology and all family members have smartphones to give them convenient internet access. Although they have several televisions, they don’t watch excessive hours of TV.