To think this is wealth?

[Idisll]

If you are able to give your child 100k towards a deposit for a home, you are wealthy?

Do bears shit in the woods

👍

I would have that was obvious to everyone but the super wealthy with their heads in the sand.

Is anyone arguing with you on that??

@HerdMentality agreed!!!

@zerofeeling yes, apparently 100k is ‘just what’s needed now’ to give young people a leg up to the housing ladder!!! I’d be lucky to give DS 10k

Not really. £100,000 would only pay for two percent of a cornflake box in London, and after all, it’s only the equivalent of one month of the average person’s take home pay in the capital.

@R0ckandHardPlace 100k a month?!?!

I was playing Mumsnet. Where huge sums are considered small change and they all believe everyone is as super rich as they are.

Since when has it been an expected part of parenting that you are meant to give them a leg up the property ladder? Don't get me wrong, I know it's hard for young people to buy and lots of parents who have the funds do help, but I don't think it should be seen as expected.

Wealth is relative. Compared to most people in this country or globally or throughout history, yes it’s extremely wealthy. But if you’re surrounded by other people in a similar wealth bracket it’s easy to kid yourself that having a spare £100k is normal.

Cue loads of people coming on to say it’s not that much money - as a thinly veiled attempt at wealth signalling.

Of course if you can afford to give £100K to your kids and not sold your house to live in a caravan in the process, you are wealthy.

it depends, if by giving 100k means remortgaging your house to your own detriment then no its not wealth

but then there are people on here who claim they would sell up and move into a cardboard box to help their kids

If my parents had gifted me that I could have practically bought my house outright, never mind use it as a deposit! In the circles I run in, no one has that kind of money to gift their kids for a house deposit or anything else - nowhere near!

I guess it depends on how you're doing it?

If you, say, own a 500k house (which is not especially fancy for the South East) and you sell it to downsIze and release 100k for your child, I wouldn't describe that as especially wealthy?

If you have that in savings and also enough for a comfortable retirement, yes, that is wealthy

This! 100k cash from personal savings and investments is wealthy. Remortgaging your home and delaying retirement is very slightly different.

Both are amazing gifts

This.

Wealth is when you have enough assets it generates income or more assets.

Giving your kid 100k is being rich; and depending on the after effect potentially rich no more.

They are different.

There is no country in the world where being able to give your kid a hundred grand isn't wealth.

Going to go against the grain and say, no, not wealthy but definitely comfortably off.

Fwiw I'm very definitely not in this wealth band!

It's all relative.

My niblings will inherit several millions each.

I think it depends on the source of the funds.

Remortgage your own home = not wealthy
Have saved it up for them over many years = comfortable/wealthy
passed on a inheritance from grand-parents = could be either
Grand-parents/parents gif money out of capital = wealthy.

there are lots of problems and differing scenarios in the above, so it’s not a robust categorisation, but it show the same question can have different results.

If grandparent bought their council house (with a huge discount) and on death, the parents passed it on to the grand-child, this is not wealthy. The parents and grandparents could have worked NMW jobs (or equivalent) their whole life.

That doesn’t mean the grand-children are not privileged to have received this. They are. This is not the privilege of wealth, but that of luck/circumstance and having very nice parents.

There is also a regional issue here. In the SE £100k is not a huge amount compared to the non-SE of UK. House prices and salaries are generally higher.

I don’t think being able to gift a child 100k necessarily makes you ‘wealthy’. I think you obviously have financial options and are financially secure.. I have one dc and have been saving in a LISA since I was 33 and am planning to cash that in when I’m 60 to give her a deposit (approx 80-100k). I’m not wealthy though know I’m lucky to be able to do that. I have very little savings and try and focus on my pension. I have a very stable job though.

It’s a huge amount.

Since covid ever larger amounts each year are being given by the ‘bank of mum and dad’ - to tackle high prices, high interest rates and tbh inheritance tax.

My children are only very small, but being able to give them a sizeable deposit to buy a house is quite a key part of my financial planning now.

It’s a ridiculous state of affairs and terrible for social mobility.

I’d still say this is in the realm of middle class not wealthy however.

I don’t think it necessarily means you’re wealthy. Parents who are able to save, say, £5,000 a year - not a vast sum of money in the grand scheme of things, and doable if you have both parents earning a reasonable salary and live in a lower cost area - would have £100,000 to give their child at 20 without being considered wealthy.

depends and depends. If I work as I do now and work 20 more years and save all my salary because my husband has the bills on his name and account, I might save even more than this. However we are not wealthy. We are SE and not even reaching middle average household income for the UK. Yet I could give over my life savings to my child for a big house and have nothing, just state pension. Is this making me wealthy