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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

 

 

Credi’s #WhatTheLoan – To Help Fund a Start Up

Another week has gone by and another #WhatTheLoan has arrived. This weeks loan is to “help fund a start up.”

 

#WhatTheLoan Start Up

 

 

 

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Credi’s new records in July 2017

Stats July 2017

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

This July 2017 saw $26 million worth of loans set up to be managed and formalised on the platform. With $8.5 million of this being active/live on our platform – seeing a 61% increase from last month.

The platform is also 46 away from reaching 1000 users on the platform. This has overall seen a 62% increase from last months user statistics.

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

 

 

 

Relationship Lending from BOMAD Cartoon

What’s not to love about a hilarious cartoon on relationship lending from the Bank of Mum and Dad.  Who can relate? Our parents will always be there to help and are an ever growing source of financial support, just look at the Bank of Mum and Dad idea.

Relationship lending and BOMAD