Most parents expect to provide financial assistance in order to help their children onto the property ladder, but believe that doing so will impair their retirement plans, according to research by first time buyer advice website, www.FirstRungNow.com.

The research revealed that 71% of parents believe it has become necessary to provide financial assistance to their children so they can get on the property ladder, but almost the same amount (65%) believe that doing so will effect their retirement plans.

Parents also want the government to focus on increasing stamp duty thresholds and encouraging young people to save as the most effective measures to help people move towards home ownership.

The majority of parents don't expect their children to become financially independent until after the age of 23, and do not expect their children to pay back any money provided to buy their first home. They also voiced a series of concerns about offering money to help fund a house purchase, particularly relating to lack of independence.

"Young people feel they just can't afford to buy a house, when the reality is there are a range of options open to them," said Helen Adams, managing director of FirstRungNow. And to help prove the point the company has teamed up with mortgage lender Bradford and Bingley with advice and a simple competition to boost interest.

Duncan Pownall, mortgage development manager at Bradford and Bingley comments: "It is not just the first time buyer that needs to seek mortgage advice."

"Although it can be easier for a purchaser with a deposit gifted by their parents, there maybe more suitable alternatives which do not necessarily need the input of the parent."

"However, if it proves that parental assistance is required then parents should also be seeking advice. There are a number of ways in which families can help and it doesn't necessarily mean having to put off retirement or cutting back on luxuries."

FirstRungNow.com has teamed up with the Bradford & Bingley to offer a £5000 cash boost for a first time buyer to put towards their house purchase. Any aspiring first time buyer using the site to complete an enquiry to Bradford & Bingley will be entered into a draw to win £5000 in cash to put towards their first home.

The winner will be drawn on July 31st and a cheque presented at their local Bradford & Bingley branch on August 11th. (Rules apply)