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22/04

More than one in ten would use parents’ pension on mortgage deposit

More than one in ten 20-35 year olds are prepared to ask their parents to access pension savings to help pay for a mortgage deposit.

More than one in ten (12%) 20-35 year olds are prepared to ask their parents to access pension savings to help pay for a mortgage deposit, research from investment and pension provider Old Mutual Wealth shows. But only half as many over 55s are willing to use their pension to help children or grandchildren buy a home.

But only half as many over 55s are willing to use their pension to help children or grandchildren buy a home.

Over 55s with private pension savings are now able to access their retirement funds with complete flexibility, following the introduction of new ‘Pension Freedoms’ on April 6.

For more information please contact

Michael GlenisterOld Mutual Wealth 0207 7789 63807469 144 535

Notes to Editors:

Old Mutual Wealth

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK & Italy* and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £119 billion in customer investments (as at 30 September 2016).

Old Mutual Wealth is part of Old Mutual plc a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million customers across the world and has a total of £342.7 billion assets under management (as at 30 June 2016).

*Old Mutual Wealth announced the sale of Old Mutual Wealth Italy to Ergo Italia on 9 August 2016. The transaction is pending completion.

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.