Response to DP19/2 Intergenerational Differences Paper

BSA response to the FCA discussion paper on intergenerational differences between Baby Boomers, Gen X and millennials, and their differing financial outcomes.

Through this paper the FCA aims to launch a discussion with industry, consumers and their representatives, regulators and academics to understand the changing financial needs across generations for UK financial services markets.

The BSA response highlights our Building on the Bank of Mum and Dad report which looked at the same set of issues through the lens of housing and mortgage policy.

We give an overview of the various mortgage products building societies offer to support first-time buyers who need help from family members with the deposit, including Family Assist, Family Offset and Joint Borrower Sole Proprietor Mortgages. On the savings side, building societies are strong providers of Children's Savings Accounts, the Help to Buy ISA and Lifetime ISA.

We note that there are some areas where regulation could be holding back products which could help younger generations onto the housing ladder, such as guarantor and low-start mortgages.