Gen Ys turn to BOMAD

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.

Generation Y borrowing from BOMAD

 

Credit: Seven News

Source: http://thewest.com.au/

 

 

 

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