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60% of parents unable to save money for their children


60% of UK parents are unable to save any money for their children’s future, according to new research from the housing charity, Shelter.

Shelter is now calling for politicians to commit to building more affordable homes so young people and families who can’t rely on help from their parents will be able to get onto the property ladder. Shelter believes the UK needs to fix the root causes of bad housing and homelessness by tackling the housing crisis itself, and the shortage of affordable homes in this country.

Shelter did find that UK parents who could offer their children financial help give an average of £23,000 towards a deposit for a mortgage. The same poll also found that a fifth of parents helping their children onto the housing ladder had done so using savings set aside for retirement or elderly care.
Chief executive of Shelter Campbell Robb said; “When parents are having to hand over such vast sums of money to help their children afford a stable home, it is yet another sign that the housing market is spinning out of control.

“A whole generation of young people are working hard and saving hard, but our desperate shortage of affordable homes still leaves them priced out.”
“A pay-out from the Bank of Mum and Dad can’t be the next generation’s only chance of affording a home of their own. Politicians need to give back hope to all those left priced out by building the affordable homes they are crying out for.
From a new generation of part rent part buy homes, to encouraging smaller builders back into the market, it is possible to turn the tide on the housing shortage, but only with the right innovation, investment and political will. It’s time for politicians from all parties to turn their talk into action.”

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