The Bank of Mum and Dad is providing "substantial financial support" to adult children, Spring has stated, with the average contribution now exceeding £11,000.

Research from the savings app found that adults received an average of £11,241 from their parents in financial support, highlighting the role family wealth plays in helping adult children navigate major financial milestones.

While 15% of UK adults receive financial support from their parents, those who do often receive significant sums.

A third (33%) receive between £1,000 and £4,999, while 18% receive between £5,000 and £9,999. One in four (24%) receive more than £10,000 in support, including 16% who receive between £10,000 and £24,999, while 9% receive between £30,000 and £50,000.

A small proportion (0.3%) receive more than £50,000.

Spring said its research suggests parental support is being used to overcome major financial barriers, particularly around housing and affordability, with 25% of recipients stating that housing affordability challenges are one of the main reasons their parents provide support.

A further 40% cite wider cost of living pressures.

The savings app also found that parents are helping with a range of financial commitments, with 6% of adults stating their parents have recently helped, or are expected to help in future, with rent or mortgage contributions.

The same proportion have received or expect to receive help with a first-home deposit, while 6% have received or expect to receive assistance paying odd debt before applying for a mortgage.

Head of money at Spring, Derek Sprawling, stated: "Many people associate the Bank of Mum and Dad with helping younger family members onto the property ladder, but these findings show the scale of support being provided can be significant.

"For those fortunate enough to receive financial help, it can accelerate progress towards major life goals such as buying a home or building financial stability. However, not everyone has access to that support, making personal savings more important than ever.

"Building savings gradually over time remains one of the most effective ways to create financial resilience. Setting clear goals and regularly putting money aside can help people prepare for future milestones and reduce reliance on external financial support."

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