To think this is wealth?

[Idisll]

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

Also another point of view. My accommodation here cost ridiculous for the size it is. My bil in the North has 3 times cheaper house, my brother in another country has a house 3 times cheaper, massive yard and a granny flat above the house. Who is wealthy, the one who buys more ( including quality, I fight mould, my brothers in love and in blood don't !!!!) or me who has small accommodation which costs me the earth.

This. If you just have it sitting there in a bank account/proverbial back of the sofa then it indicates wealth but if it's been saved over your DC's entire childhood up to (say) age 25 it's the equivalent of a few hundred pounds a month squirrelled into an investment ISA. Which is obviously more than some people can afford but you don't need to be a gazillionaire to be able to afford that.

I agree, it also points to a grossly inflated housing bubble not to mention gross inequality.

An interest rate of between four and five percent is normal, not high.
Inheritance tax is not high, you can pass up to a million pounds to your children with no inheritance tax becoming due.

I believe we will be able to give that sort of money to the dcs.
Why? Inheritance.
Two sets of parents (mine and dh) who will leave enough for us to be able to gift away those amounts.
Are we wealthy? Are we heck! But we are comfortable enough to own our (not that expensive) house and have (small ish) pensions. So it allows us more freedom in what to do with said money.
The real wealthy people are our boomer parents. Like many of them.

We have managed to do this. By saving from birth for each child into investments that have done well.
I am currently sitting waiting for a budget flight back to the UK after my 20 year old car broke down in France and isn't worth repairing/repatriating. Our holiday was in a self catering mobile home park.
Our retirement will be comfortable, not luxury. We prioritised setting our kids up for life over ourselves, knowing it would be much harder for them than it was for us.
I am under no illusions that my kids' lives will be made much easier as a result of our financial choices. We are not wealthy though.

£200~300 a month fir each child is more than most people could ever put aside.

And yes I agree re building it over 20 years. But let’s not assume that most people can do that. Incl middle class people.

It’s probably more nuanced than “definitely wealthy”, as other posters have pointed out.

I invest £110 per month for my kids. They should have around £40k at age 18, which will be higher again by the time they want to buy a flat / house in their 20s.

I would like to be able to top that up, but realistically I don’t know if I will be in a position to do so. Probably not up to £100k anyway.

Either way, a kid getting gifted £100k is very lucky, and my kids will also be lucky to be gifted their £40k or £50k.

A lot also depends on how smart you are with money.

I have been a bit surprised by how risk averse many posters are - for long term savings, we invest in S&S ISAs and the interest is much better than say premium bonds or other low risk choices.

I'm hoping g to give a sizeable amount to each of my kids for deposits.

Part of it would be forgoing private schooling.

It will be after years of savings.

So I personally I wouldn't feel it was wealthy if I has saved up for up to 20 years to reach that amount.

I would call it comfortable rather than wealthy.

Obviously if someone could do that without blinking or thinking about it I would then consider it wealthy. Not if they had been saving for years.

It cost about that much to send your kid to private school.

So anyone who saved and invested that money would have at least 100k when their kids came to the age to buy a house.

If you feel anyone who can afford private schooling despite cutting back on holidays and struggling on a day to day basis is considered wealthy then I'll agree with op.

I agree. I think I’m well off, not wealthy. But over many years I will have saved up that amount for DC’s house deposit.

I make sacrifices and considered purchases in a way that ‘wealthy’ people wouldn’t.

I gave my oldest son £40k deposit plus paid sols fees and furnished the place for him. London Borough. Luckily I had a substantial inheritance

I hate these posts that say "it's not a lot of money for the SE, where wages are higher" which gives a really misleading picture of how most of us live. Yes, the SE has the lion's share of the super-wealthy, but most of us are scraping along just trying to cover housing costs. £100k is a huge amount of money for me and for most; I don't have savings, or a decent pension, because raising two kids solo in London takes care of every penny.

Australian here….

I disagree.

Wealth is completely different from being rich and rich is completely different to being cashed up.

I worked with someone who gave his children $150k each for an house deposit and he wasn’t wealthy at all or rich and was only temporarily cashed up.

I have relatives who are rich. But wealth to me means more than one generation having money and gifting their children $100k to buy a house.

I have relatives who have given their children trust funds and funded their education at private school and university. They aren’t wealthy - they are rich.

First Post nails it as per

Fairly comfortable off - yes. Wealthy no. You might have got an inheritance and passed some of it on.

Definitely not wealthy.
Someone on a very average salary wtih child benefit could have used the govt. Contribution to a Child Trust Fund, added £100 a month for 25 years, been savvy with the choice of fund (S and P tracker type) and got an average of 9 percent growth. Tax free if in the JISA. Maybe £50 from mum and £50 from a grandparent or dad per month. No way is that wealthy. On the child’s 25th bday they’d have about £116k in there.
It’s so easy to just say it’s wealth or lucky. But my Sis did exactly this for her DC and she’s been on WTC (now UC) for about 12 of those years! Good for her! She wanted to move the dial for her kids and had some solid advice, and acted on it!

You must be new to Mumsnet, where you are letting your DC down if they don't have an ensuite bedroom each and then you downsize your family home to give them a deposit when they are 25. It would be selfish to have children if you can't afford this, it's the bare minimum!

We don’t all live in London though. Where I live it would be 50% of a 2 bed starter home.

No, have been here many years, and I don't remember it been the case 15+ years ago.

I don't think having a spare 100k is normal but I also don't think its 'wealthy'. If someone has £100k in savings and gives it to their child they then are back to their monthly income. Wealth comes from assets and the regular income generated from them.

Is it strange to downsIze? I have seen a few posts suggesting that it is.

We absolutely plan to do this and it would be our preference anyway - we won't have the enthusiasm or need to maintain a family home and garden. There will be a side benefit of giving the kids some money but I view it as a fairly natural and normal thing to do

That was tongue in cheek, but it seems very much the norm in some circles. I assume this isn't just a geographical thing, but circles within geography. To illustrate the case in point, someone just posted on another thread that they wouldn't consider having DC if their income was only £110k. That is a HUGE amount to me, and I'm not poor by any means.
ETA: I don't know anyone who got a full deposit from parents. The maximum I know of is a friend who got £10k, and that was considered very generous. It seems very normal on here yo expect a full deposit though, rather than a token £3k to help you along.

I'm thinking wth wen people recommend shoes at 200 pounds😂. I had a lawn mower and hoover. No bank of mom and dad.