To think this is wealth?

[Idisll]

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

Affluent, certainly. But wealthy? No, I wouldn’t say so. Wealthy would be buying the flat / house for them.

Downsizing from what though? A standard 3 bed semi, or a 6 bed detached villa with an acre sized garden. The latter yes, but former, no.

Could be wealth. Could be frugality. If it’s a spare 100k sitting around, that’s wealth. If the parents have scrimped and saved, taken on a second job or worked overtime, never had holidays, bought things secondhand (furniture, clothes, etc) their whole lives to save up this amount for the child, then they are not wealthy. Just very frugal.

No not all. Practically penniless I’d say.

It's relative, but yes, if you can do that, you're hardly struggling on the breadline.

Ours is a 4 bed terraced house, it's no huge villa!

But I still think it's too big and difficult to maintain for retirement - plan on a 2 bed at that point

I am still laughing, nicely, at the poster who said they were 'playing' Mumsnet in their reply and it got me thinking about how well a board game along these lines might do. 😂

These days I often read Mumsnet just for the entertainment value, especially on threads about money and lifestyle.

It does give a fascinating insight into just how divided the country is though.

I consider someone wealthy if they have enough to live on comfortably while not working.
That might be from investment or passive income or inheritance but I don't really consider people who work to live wealthy.

@Idisll I mean its all situational though isn't it? My parents lent me £100k to buy my ex out of our house or I was going to be really quite stuffed. My parents live in a fairly deprived area of the country but had paid off their mortgage before retirement (their house is only worth around £100k total). They worked close to minimum wage jobs their whole lives and live frugally. You wouldn't call them wealthy but they are comfortable enough if you know what I mean. Shop at cheap supermarkets but don't worry about putting the heating on.

The £100k was most of their savings which had come from inheritances when both sets of parents had passed away within a couple of years from each other. I am paying it back slowly. I don't know how to feel about this post really because I don't think they are wealthy, just very loving and a matter of timing.

I think £10k would be a lovely gift towards buying a house. It’s relative don’t compare. A lot of people couldn’t give £10k let alone £100k

Depends on whether your own home is worth £100k or £1M
in the first instance the child is privileged but the parents probably aren’t wealthy.

Yeah. Sounds extremely wealthy. Unless they were making themselves homeless by doing it?

Even successful people might struggle to help out their kids with a deposit, especially in a big city.

Wealthy people are those fortunate enough to live without financial concerns.
I'm glad there are people in my family I can proudly call wealthy, and I'm genuinely happy for them. I know it's completely against British culture, but oh well, this can be my little rebellion against it.
This kind of thread always seems to attract people who feel the need to criticize boomers for a few minutes of their day.
To anyone who complains that their parents are boomers and that’s why they’re wealthy, with a hint of disdain, just remember—you’ll likely inherit their money and properties (minus the inheritance tax) and celebrate it like you hit the jackpot. And don’t forget, your kids will probably say and do the same thing to you one day.

Of course you are wealthy. For most people that 100k is used for their own retirement. There aren't many people who are able to give that amount of money while they are still alive.

Or you’ve saved very hard for a long time or had inheritance and you live frugally.

Not really, where did that 100k come from? Did they remortgage their house and then will have to keep working past retirement age? That is not wealthy.

Put £150 a month into savings for 25 years specifically for this scenario? Comfortable but not wealthy.

Took it out of savings and it'll have no impact on them? Yes that's wealthy.

Depends on how you are affording it!

Out of your current account, yes you are minted (or DH, who keeps his life savings in his current account 🤯)

Liquidating some of your investments - yep pretty wealthy, but if you’ve had an inheritance that might be the sum total of your savings.

Equity release from your bungalow, as some foolish people I know have done? Not wealthy now and likely to be actively poor in the future.

My DCs both received large amounts of money from me for their house deposits.

Reason I could do this was because I passed on the bulk of my inheritance, received via my late mum. They had both been saving up since starting work so 10years+.

DH and I are nowhere near wealthy. He has just retired (was SE and has no pension other than state) and I earn slight above average public sector wage. Can’t afford to retire so have 9 years left, so no definitely not wealthy. Although temporarily I may have been while the money was in my account.

I'm so glad to read this! I kept wondering why everyone seems super rich on this site and I was thinking I'm not upper class enough to be here 😅 everyone seems to be earning 6 figure incomes and be "just scraping by"

My parents gave me that and I'd consider them very comfortable in that they don't worry about paying their utilities but they are definitely not wealthy

I'll bite...

Yanbu BUT

My mum and dad and lots of their friends had very generous defined benefit pension schemes with quite ordinary jobs (teacher, working for BT or the council), and could have tax free lump sums. I can believe that a parent with a couple of kids could have used that together with some savings to give each child £30 or 40k. If a young couple had parents who could each provide that, they might only have to save £30k between them themselves. On london salaries it is do-able. Dh and i managed it on grad scheme salaries 10 years ago even when choosing to live really centrally so had high rent.

My DD will get a figure in that vicinity- but not from me! My dad has been saving for her since she was born and also has a chunk in his will. He isn’t wealthy but is very comfortable and can afford it.

If you break £100k down in to monthly payments over 18 years it’s not mega bucks.