Rise of the Ninni generation

So says Skipton Financial Services, the mutually-owned financial adviser and subsidiary of Skipton Building Society.

New research claims that nearly one fifth of young adults in Yorkshire have gone cap in hand to their parents for an advance on their legacy.

These are the so-called Ninnis – Need It Now, Not as Inheritance – who use the money for deposits on property, paying off large debts from university and to help them through unemployment.

Andrew Barker, managing director, said: “We have a virtuous circle where kids need the money and parents don’t need it so, if this is the case, it is a potentially win-win solution. The only loser is the taxman.”