It seems like not a day goes past when the media isn’t talking about millennials sponging off the ‘Bank of Mum and Dad’… for the longest time I rolled my eyes at such statements, knowing that it was unlikely my parents would be dropping 10 grand on a house deposit in my name.
Yet, when the Post Office Money got in touch with my recently to chat to me about how my parents have supported me it got me thinking about how getting on in my twenties really was helped along, not necessarily by funds, but through their support.
During my twenties my living and employment status was often in flux between full-time employment, academic studies, travelling in Asia or being signed off sick. It was quite tumultuous at times and it was in the harder times when I was sick that I stayed with my parents in their spare room.
It’s not fun, being a twenty-something, and having to rely on your parents still. Yet, I was so lucky to have a home when I needed one.
At one point I was off work for about a year with an injured back. I’d had to defer completing my thesis for my Master’s degree, and for a lot of time I was on bed rest.
Once I started healing up I was able to start earning here and there, and thanks to staying with my parents at the time I was able to start saving towards a deposit to rent my home.
Thinking about it, this has happened a couple of times now. The house we live in now took us a few months to find. We had just come back from a few months in Asia and again were lucky enough to be offered the spare room at my parents house whilst we found a place to live and save the money we needed for the first month’s rent and deposit.
It’s that initial stash of cash that you need when you move house, whether it’s renting or buying, that is the hardest to save up. And often it’s really hard to save when you are already in a place paying the higher costs of living that we currently endure.
According to the Post Office Money research, millennials are only able to save 7% of their yearly income towards a deposit. Given how high deposits for houses are these days, it shows just how difficult it can be for us to buy homes. That is why those of us that have, or do, get the support of our parents whether it’s cash, reduced rent or even a free roof over your head, can make all the difference.
Without having a free place to stay whilst I got my finances together I wouldn’t be able to have my own home. It’s thanks to my parents rent-free living opportunity that I have a home and for that I am so grateful.
* Gratitude Bank – Post Office Money competition*
To celebrate the things parents that do to support their families while they are getting on the property ladder, Post Office Money is launching the Gratitude Bank – an opportunity for young people to say thank you. Whether supported with a deposit, rent-free living or even some good advice – this is their opportunity to say thank you and give something back.
It doesn’t matter who your mortgage provider is, if your family have helped you buy your first home, you can enter.
Look for Post Office Money on Facebook or Twitter and tell your story using the hashtag #OnTheLadder for a chance to win 1 of 15 £1,000 gratitude cheques from the Post Office Gratitude Bank for your parents.
Full terms and conditions are available on their website
The deadline for this competition is the 30th November 2017
This post is in collaboration with Post Office Money. As always, thoughts, words and opinions are my own. Thank you for supporting Rosalilium.