Navigating Financial Gifts and Family Dynamics

The Bank of Mum and Dad is becoming a major casualty of the cost-of-living crisis, as parents are under growing strain to support their adult children.

That’s according to new research from law firm Irwin Mitchell, which found 6 in 10 are currently financially supporting adult children, with more than a third saying they would not be able to make ends meet without this support.

Joining me in this episode is Christine Thornley, Head of the Tax, Trusts and Estate team in the firm’s Manchester office.

I chat with Christine about why so many adult children are still financially dependent on their parents, the impact of this financial burden on our own plans, and the importance of seeking expert advice before giving money to adult children.

Here’s my conversation with Christine Thornley from Irwin Mitchell in episode 588 of Informed Choice Radio.