Move over Santander, HSBC and NatWest – the Bank of Mum and Dad is about to take over our high streets

As the ‘great wealth transfer’ between generations begins in earnest, Ken Costa explains why the different age groups must learn to coexist and help ensure a financially prosperous future

This new bank has branches in every village, town and city across the land, indeed around the world (PA Archive)

There have been many cries of dismay about the disappearance of bank branches from our high streets. But I suspect they’ve been muscled out by a new player in the market, with branches in every village, town and city across the land, indeed around the world – and customers will already be on first-name terms with the managers.

Commonly known as the Bank of Mum and Dad (BoMaD), this new “institution” is staffed by those typically over the age of 50, and with the “Great Wealth Transfer” that is gathering momentum, its presence will become ever more keenly felt – and could lead to increasing conflicts between the generations.

And those conflicts are not on the distant horizon – we are seeing them being played out today. Wealth is being transferred right now by the BoMaD to help the next generation to acquire assets, deposits for homes and other financial transactions which would be well beyond their means otherwise.