Investors on the AJ Bell platform are withdrawing money from their ISA, pension and investment accounts to support loved ones as the cost of living continues to soar, according to a new survey from the company.
The platform surveyed nearly 2,700 of its customers in December 2022 and 7% had already withdrawn money from investments to help friends and family during the crisis, while 13% considering doing so. Over half of those planning to gift money said it would be in excess of £2,000. Laura Suter, head of personal finance at AJ Bell, said: "The Bank of Mum and Dad, and the Bank of Granny and Grandad, will be dipping into their savings to help their family with the cost of living at the moment. "With rent, mortgages, food and just about every other cost rising it is understandable that tho...
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