We hear a lot about the Bank of Mum and Dad.
With high property prices and a rising cost of living, it’s becoming common for young adults to turn to parental support in order to get onto the housing ladder.
But what are the options for generous parents and how can we avoid leaving ourselves destitute in retirement when we make substantial gifts or loans to the next generation?
My guest on the podcast today is Mark Bogard, chief executive of Family Building Society.
Mark has more than 20 years’ experience in financial services focused on helping people make the most of their money.
Prior to his role at Family Building Society, we ran Barclays’ retail funds business and then built up Moneyextra, an aggregator website focused on mortgages and savings that was sold to Bristol & West Plc.
In this episode, I talk to Mark about the factors prompting a big rise in lending from the Bank of Mum and Dad, why uncertainty around financial futures can cause hesitation for some parents who are keen to provide support, and Mark’s personal experience of a changing property market.
Here’s my conversation with Mark Bogard, chief executive of Family Building Society, in episode 460 of Informed Choice Radio.
