Almost three quarters (73%) of London based over-50s have given or loaned money to their children – or other family members, according to a new survey. The study found Londoners were more likely to have acted as the Bank of Mum and Dad than those in other parts of the UK. The main purpose was to help with day to day living costs, with around half (48%) of the recipients citing this as a reason. A large majority (84%) of people under 50 claimed to need such help, with equity release made attractive by high property values in the capital a key element a key element in making assistance possible.

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