Gen Ys turn to BOMAD

A new survey from the Canada Mortgage and Housing Corporation (CMHC) shows that first home buyers still worry about their finances even after receiving support from family for a down payment on a home.

Almost half of Australia’s Generation Y’s are now going straight to the ‘Bank of Mum of Dad’ for regular withdrawals after they’ve turned 18.

Turning to their parents to borrow money for everyday costs has been a proven finding by Canstar in their newest  research on young adults and the use of BOMAD. Borrowing money for cars and home deposits are still popular loans, however, youths are seeking withdrawal for day-to-day expenses such as rent, groceries and petrol. With research highlighting one in five youths asking for money weekly or monthly.

Credit: Seven News

Source: http://thewest.com.au/

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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