Quilter is calling on the government to modernise the annual gifting allowance.

Key highlights the need for specialist advice on tax and income risks when gifting from pensions and property.

Assistance paid out since 2021 totals £38.5 billion – 71% more than the previous four years.

First-time buyers receiving a gift as part of their deposit has dropped by 4% in a year.

More homeowners and first-time buyers than ever need the Bank of Mum and Dad for home deposits.

High living costs are impacting parents’ ability to help fund their children’s deposit, impacting three out of five (59%) first-time buyers.

Over half of UK adults expect to support their parents financially in their retirement.