Most over-55s plan to support their children financially

Three in four (76%) homeowners expect to support their children financially, research from equity release adviser Key has found.

What is more one in five (22%) plan to help out their grandchildren

Average handouts for children are nearly £17,000 and for grandchildren £11,300.

Will Hale, chief executive of Key, said: “The over-55s are truly a generous generation, with many looking to access their housing equity help out their children and grandchildren.

“Of course not all over-55s are homeowners and not all can afford to give money but those who can generally want to.”