More youngsters receive help from parents when buying a home

6 out of 10 youngsters are helped financially by their parents when buying a home, as shows an AXA survey conducted by InSites Consulting amongst 600 Belgians concerning the purchase of their first home.

The research shows that six out of every ten young adults (aged 18 to 34) are helped financially by their parents these days. These numbers are unchanged since a similar survey organized 2 years ago. This support can come in different forms. The most frequent is the donation of a lump sum of money. 68% of the youngsters indicates having received money from their parents. In most cases (57%) the parents make a one-off donation, thus allowing the youngster to put more own capital on the table at the bank. Remarkable detail: this money is not expected to be paid back, contrary to a loan between family members.

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The extent of the financial assistance received by young adults is variable. In one out of three cases, the financial support by the parents amounts to up to 20% or more of the total purchase price of the home. The research also shows that young adults have bigger plans when receiving this financial push from their parents or other family members: they more often choose a newly built home and dispose of a larger budget than their peers who have to make do without any financial back-up.

Based on AXA press release, as published in De Standaard in February 2019.