The ‘Bank of Mum and Dad’ gives millennials a 10-year boost over their peers

A person carrying a box of random items up a flight of stairs (Credit: Catherine Delahaye—Getty Images)

For many young professionals, purchasing a home is the ultimate milestone in their journey to adulthood. In the U.K., this rite of passage is often made more attainable with the generous assistance of parents who have the means to help. Fondly known as the Bank of Mum and Dad (Bomad), this financial support has proven to be a game changer, propelling young Brits toward early homeownership.

Now, data from the Bank of England shows that what young Brits get from the Bank of Mum and Dad gives them a 10-year-plus leg up in buying homes.