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Majority of parents willing to help children purchase property

Author
Newstalk ZB,
Section
Audio,
Publish Date
Tuesday, 18 June 2019, 5:49PM
Photo / 123RF

Research out today shows the bank of mum and dad is alive and well.

More than half of parents surveyed said they would be prepared to stump up a bit of cash to help their child buy a home.

The research also shows nearly a quarter of young people would expect the older generation to help out, if they are in the financial position to do so.

Westpac's acting General Manager of Consumer Banking Gina Dellabarca told Heather du Plessis-Allan young people do have an expectation that their parents will help them.

"If parents are in a position where they can, in this day and age they want to see their kids succeed in securing a home. This isn't a recent trend, it's been going on for many years."

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