Study finds more young adults are relying on the bank of Mum and Dad

Global News Canada’s journalist, Jon Azpiri, writes of a new study highlighting that more young adults rely on the bank of mum and dad.

Many successful Canadian adults are feeling the financial strain in renting and buying a property. Sandro Sgaetti, a 29-year-old working full time as a construction worker and camera man lives at home with his my mom and dad. “It’s too much money paying rent and trying to find a house in this town is pretty much impossible,” he shares.

CIBC’s surprising statistics also show that many parents are rearranging their finances to help their adult children. With one in four Canadian parents saying they spend more than $500 a month to support their adult children.

Watch the video to find out more about the impact of the Bank of Mum and Dad.

Credit: Jon Azpiri

Source: globalnews.ca

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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