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

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

 

 

 

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Credi’s new records in August 2017

credi new records in august 2017

Credi.com, the platform that powers “the Bank of Mum and Dad” – has set new records in August 2017. Overall the platform has exponentially increased the number of users and overall loans on the platform.

This August 2017 saw $29 million worth of loans set up to be managed and formalised on the platform. With $9.5 million of this being active/live on our platform – seeing a 12% increase from last month.

The platform has also reached 1238 users on the platform. This has overall seen a 28% increase from last months user statistics.

Keep an eye out for more to come and next months statistics.

 

 

Credi’s #WhatTheLoan – borrowed money to help buy my first car

One Credi user has helped out a family member by lending them money to ‘buy my first car’. #WhatTheLoan What have you lent or borrowed money for?

#WhatTheLoan to buy my first car

 

 

 

Bad Lending experiences shared by listeners on Today FM Ireland

Have you ever had a bad experience when lending to family or friends? Don’t worry, you’re not alone. Today FM’s Paula MacSweeney highlights listeners bad lending experiences in her article and overall sums up ‘Don’t loan what you can’t afford to lose.’

Paula writes that most people who loan money to family and friends are too afraid to ask for it back. She goes on to point out that the average person from Ireland loses around 260 euro a year from unpaid loans between family and friends.

Check out the link to see some of the crazy experiences from listeners of the Early Breakfast show on Today FM. Some will leave you shocked!

Credit: Paula Macsweeney

Source: www.todayfm.com

 

 

Loan from the bank of Mum and Dad- 1 of 3 ways to help your child free themselves from debt

loan from the bank of mum and dad

‘Adulthood isn’t what it’s cut out to be’, Debt Consolidation.com highlights 3 key ways to help your adult children become free from debt- one way is a loan from the bank of Mum and Dad.

Many millennials face the struggle of transition to a life of a financially independent grown up. Paying off loans, bills, expenses and day to day spending becomes challenging especially when they carry with them a significant amount of student debt.

Many young adults find themselves going to their parents for financial support.

Debt Consolidation.com highlight 3 key ways to help your adult children.

One of their three key ways they believe to be ‘the right way’ to help them out and that won’t damage your child’s financial future or your relationship is a loan from the bank of Mum and Dad.

Read the article in full by clicking here!

Credit: Dan Wesley

Source: www.debtconsolidation.com/

 

 

 

Legal & General Infographic on The bank of Mum and Dad

Legal & General have partnered with Cebr to produce this factual and fun infographic on the bank of Mum and Dad. Helping to highlight the impact parents lending to children have on the property market.

 

Legal & general infographic on the bank of mum and dad

 

 

Source: www.legalandgeneral.com/

 

 

New survey highlights peak millennials struggle in buying their first property

Garry Marr from Financial Post in Canada writes of the struggle peak Millennials face in buying their first property. Leger’s research outlines that 50% of 1000 surveyed believe the new mortgage regulations set by the federal government have impacted the type of property they can afford.

2/3 of the peak millennials (those between 25-30 years of age) surveyed do not own their own home and dream of owning a detached home. The online survey completed in June 2017 highlights that 61% of the sample would prefer to buy a detached home, however only 36% believed they could afford it.

Leger’s research also highlights that 14% of those surveyed live with their parents. The article further highlights that the bank of Mum and Dad will continue to be a support, with 25% of respondents saying they’d seek financial support from their families.

Garry Marr further goes onto highlight the shared difficulty between peak millennials in affording to buy their first property. Marr also goes onto highlight the new mortgage regulations and it impacts on the market.

 

Peak Millennials struggle to buy first property

 

Check out the video and article here!

Credit: Garry Marr

Source: business.financialpost.com

 

 

Credi’s #WhatTheLoan – To Pay for my Holiday

#WhatTheLoan is back! What have you lent or borrowed money for? Well, this week we had someone borrow money to “pay for my holiday.”

pay for my holiday

 

 

 

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RFi Group: The Australian Fintech targeting informal lending – Credi

Australian fintech targeting informal lending

RFi Group writes of the new Australian fintech company targeting informal lending. Have you heard of them? It’s Credi!

RFi Group goes onto further highlight how Credi’s platform and how we help Australians who end and borrow from family and friends formalise their agreement and help facilitate the process all in one place.

Credi now has $28 million dollars of loans on the platform, double the number released in July. Credi hopes to “save relationships from the ‘strain of financial dealings’ by turning these informal loan agreements into ones that are credible and manageable”, as said by CEO, Tim Dean.

RFi Group further sums up their article by highlighting some very interesting lending data gathered in March 2017, informing readers of the potential for Credi.

Credit: RFi Group

Source: www.rfigroup.com

 

 

 

Second-steppers taking over, keeping the Bank of Mum and Dad in business

second-steppers keep bank of mum and dad in business

9 out of 10 family lending transactions, involve people moving up the ladder. With My Home Move (conveyancing firm) claiming that the number of first-home buyers requiring gifts or loans for a deposit has decreased by a 4.5% over two years.

88.9% of My Home Move’s accounted gifted deposit transactions were middle-movers and second steppers. Seeing a 7.1% increase over two years.

Property Industry Eye further highlights the results from My Home Move’s reporting and later quotes the chief executive of My Home Move, Doug Crawford. He states “It is clear that affordability is becoming a concern not just for first-time buyers, but for people on all steps of the property ladder.”

Read the article in full here!

Credit: Marc Shoffman

Source: www.propertyindustryeye.com