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Canadian parents provide adult children with $24K to move out

Parents give 24K average to help move out

On average Canadian parents gift their children $24,000 so they can move out. Inside Halton digs deep into Canadian Imperial Bank of Commerce’s (CIBC) commissioned poll to found out more about families gifting money.

CIBC highlighted that 76% of parents would happily give money if it’d help their children move out, get married or live with their partner. With 2 out of 3 parents preferring to give their adult child money than have them remain living at home.

On average $24K is gifted, based on the varying income of the sampled parents.

However, lending or gifting large amounts of money can be risky. That’s why Inside Bilton highlights potential negative outcomes involved to help you make the right financial decision.

Read the full article by clicking the link

Credit: Peter Watson

Source: www.insidehalton.com/

 

 

 

Should the bank of Mum and Dad Gift or Loan?

bank of Mum and Dad gift or loan

Katherine Denham from City A.M. brings you an article to help parents decide whether they should gift or loan to their children?

Denham highlights the increasing number of young adults feeling the pinch on their wallets.

With the added burdens of student debt, high property prices and stagnant wages she sees more strain for these individuals to save. Overall, helping to make the idea of owning a home unfathomable for young people.

Denham highlights statistics from Resolution Foundation showing that millennials are the first generation to be worse off in comparison to their parents. So it shouldn’t come as a shock to see most of these individuals turning to the bank of Mum and Dad for financial support and help to get a foot on the property ladder.

Katherine Denham further goes on to discuss the differences between simply giving and lending to children, as well as joint purchasers.

Credit: Katherine Denham

Source: www.cityam.com

 

 

New Zealanders worry about record level of debt

New Zealanders record level of debt

The New Zealand Herald highlights statistics from the Commission for Financial Capability showing Kiwi’s worry for the record level of debt.

One in three New Zealanders believes that they deserve to have money to spend because they work hard, however, many worry about their debt.

Statistics from the 1000 plus people interviewed by the Commission for Financial Capability highlight that collectively, Kiwis were $237.79 billion in housing debt. As well as $15.39 billion in personal consumer debt as of June.

Half of the surveyed individuals disagreed with the statement “I have debt but don’t think about it that much.”

Retirement Commissioner, Diane Maxwell discusses how peoples views are being influenced by what they see around them.

Read more by clicking the link below.

Credit: Tamsyn Parker

Source: www.nzherald.co.nz/

 

 

 

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Australian Anthill feature: Powering the bank of Mum and Dad Internationally

powering the bank of mum and dad internationally

This August Credi was featured in Australian Anthill, where the online publication highlighted our capital raising efforts to raise *correction* $500 thousand, to power the bank of Mum and Dad internationally.

Anthill has mentioned Credi’s work with Wholesale Investor to raise these funds through targeting sophisticated Australian investors. The funds will help Credi introduce our platform to international markets, in particular, the United States, the United Kingdom and New Zealand.

Tim Dean, Credi’s CEO mentions “Credi’s success in Australia has surpassed all of our expectations. Since our launch in April, we now have over a thousand users putting through $28 million of loans on our platform. This success has given us the confidence to go to market and raise the capital we need to accelerate our global rollout, across the Tasman and then Europe and America.”

Anthill goes on to further mention how the platform works and what it can be used for, then summarises by highlighting Credi’s overall growth which will aid in powering the bank of mum and dad internationally.

Read the article in full by clicking the link below

Credit: Anthill Magazine

Source: anthillonline.com/

 

 

Get through university: BOMAD gives students £2,285 each year

get through university

Research from the site, NotGoingToUni, has revealed that many UK students have turned to the Bank of Mum and Dad for on average £2,285 each year to help them get through university. With a large number of these undergraduate students (87%) confessing to going to their parents at least 5 times per year, for an estimated £457 each time, to pay for their expenses during university such as rent, food and going out.

Credit: Aftab Ali

Source: www.independent.co.uk

 

 

The Future, Life With Student Debt Cartoon

Seems about right! Does anyone else feel the same? This cartoon is a great depiction of life with student debt. Can we look to the future or is that debt going to be constantly in mind?

Student debt