Bank of Mum & Dad: 9 million Brits receive ‘lump sums’ of money from parents…but how does it really affect their finances?

  • Nearly 1 in 5 (19%) adults in the UK receive a ‘lump sum’ of savings from their parents when they reach adulthood (average £15,314) 
  • People who received a lump sum of savings from their parents are 2.5x more likely to say their parents continue to help them financially
  • Those who didn’t receive any savings from their parents have more sensible daily financial habits than those who did. But are more likely to have negative feelings towards money

New research from Wealthify has found that nearly 1 in 5 (19%) adults in the UK receive a ‘lump sum’ of savings from their parents when they reach adulthood — the equivalent of over 9 million people — with the average amount coming in at £15,314.48. 

Wealthify surveyed 2,000 adults across the UK to understand how getting a financial ‘head start’ from parents affects people’s everyday financial habits and behaviours. 

The research reveals that receiving a ‘lump sum’ of savings from parents doesn’t always necessarily give people better financial habits. While 25% of people who didn’t receive a lump sum still say their parents help them out financially from time-to-time, this number jumps to a resounding 62% for those who did.


However, they found that those who didn’t receive a lump sum from their parents are more likely to have ‘negative’ feelings towards money and to not have any savings at all.

Below, Wealthify explores in full how receiving a lump sum of savings from parents vs not — affects Brits’ finances across everyday habits, relationships with money, alongside savings and debts: 

Those who didn’t receive a lump sum have more sensible daily financial habits 


Wealthify’s research reveals that people in the UK who didn’t receive a savings boost from their parents have more sensible daily financial habits** than those who did.  

People who received savings from their parents are 2.5x more likely to think it’s more important to prioritise saving money over paying off debt (37% vs 15% for those who didn’t), despite experts widely recommending that people work on paying off their high-interest debt first before building on their savings.

People who received a lump sum from their parents are also: 

  • 11% more likely to make impulse purchases (41% vs 30% for those who didn’t).
  • 1.5x more likely to say they often use Buy Now, Pay Later schemes (27% vs 18%)
  • 7% more likely to avoid looking at their bank balance (27% vs 20%)
  • More prone to running up credit card debt (21% vs 19%)
  • Less likely to have an emergency fund of savings in place to cover their outgoings if anything happened to their income (19% vs 21%).  
  • More likely to still live at home with parents (14% vs 10%)

People who didn’t receive savings from their parents are more likely to not have savings in adulthood

Wealthify’s research shows that Brits who didn’t receive a lump sum from their parents are 2.4x more likely to not have any savings, with almost a quarter (24%) saying this (vs 10% who did)

People who didn’t receive savings from their parents are also more likely to have unsecured debts (18% vs 13%)


However, the data also shows that people who didn’t receive any savings are 1.6x more likely to say they have a pension (36% vs 22%).

Those who didn’t receive a lump sum have more negative feelings towards money 

Wealthify’s research found that the 8 in 10 (81%) people who didn’t receive savings from their parents are slightly more likely to have negative feelings towards money (compared to 37% of those who received a lump sum), with two-fifths (40%) worrying that they’ll never achieve financial stability


People who didn’t receive money from their parents are also more likely to say that they worry about money daily (43% vs 39% for those who did)

What’s more, people who didn’t receive savings from their parents are also: 

  • 2x less likely to say they talk openly about money with their parents (33% vs 63% for those who got a lump sum of savings from their parents)
  • 1.2x less likely to believe their parents taught them the ‘value of money’ when growing up (70% vs 86%)

Andy Russell, CEO at Wealthify comments: “This research shows that receiving financial help from our parents and how that affects our spending habits is not as black and white as some may think. People can have complicated relationships with money whatever their background, whether they receive financial help from their parents or not. 


“One thing is clear – whether you receive a head start or not, building a nest egg of savings or investments, and protecting yourself financially is now more important than ever. 

“Whether you enjoy the occasional bit of financial help from your family, or you’re staunchly independent, it’s important to have an emergency savings pot in case life happens and things go wrong — especially the unexpected things, like your car breaking down, facing a sudden redundancy at work, or becoming unwell for a long period of time.  

“Usually, the rule of thumb is to have 3-6 months’ worth of outgoings behind you, and it’s generally advised to keep your emergency savings in a savings account that is out-of-sight but still easy to access. 


“It makes sense to get into good savings habits and there are many accounts on the market to help you do that. Our Instant Access Savings Account lets you save as much or as little as you want, with a minimum deposit of £1. There are no withdrawal penalties, no fees, and no fuss.

“Our savings account interest rate automatically tracks the Bank of England base rate, minus a margin (currently 0.45%), meaning with Wealthify, customers can get a competitive return on their savings as they build up their nest egg or emergency savings pot.”

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