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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

 

 

 

Credi featured on Startup Daily

Startup daily credi feature

Credi, the fintech platform that ‘formalises loans among family and friends to reduce friction’ was featured in this month’s stories of  Startup Daily.

Startup Daily mentions the various lending fintech companies, then introduces Credi, the unique platform with a new approach to relationship lending. They further highlight Credi’s innovative idea of facilitating and managing the lending process, without ‘actually touching any loans or connecting borrowers to lenders’.

Startup Daily identifies at the start of a loan, between family and friends, it starts out with both parties having the best intentions. However, things can quickly turn sour as there is rarely clearly-stated terms or agreements. As a result, relationships become at risk and sometimes issues arise.

Tim Dean, CEO of Credi, perfectly states in the article, “We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by looking after reminders, calendaring and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans.”

Credit: Gina Baldassare

Source: www.startupdaily.net

 

 

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Credi’s CEO Tim Dean Live on Sky News with Ticky Fullerton

Tim Dean, Credi’s CEO was live in Sky News Sydney’s studio this month, talking with Ticky Fullerton. The bank of Mum and Dad is a constant reminder of the significant number of Australian’s lending money between family and friends. Although this process can be seen as unsafe and may put relationships at risk, it’s still something that most Australian’s do.

Tim Dean explains in the interview that Credi.com helps to make this process formalised through an inbuilt contract in Credi’s platform, along with providing users with loan management features. With $28 Million worth of loans and 1000 users on the platform, it’s safe to say Credi is helping Australian’s protect their relationships and lend in a safe and manageable way by formalising the process.

 

Sky News Ticky and Credi

Credit: Ticky Fullerton

Source: SkyNews on Youtube

 

 

 

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Credi.com one of Techflier’s 2017 Top 7 FinTech Startups from Perth

Techflier's 2017 Top Fintech Graphic

Techflier’s 2017 Top Fintech report  showcased Credi.com as one of Perth’s top 7 Fintech startups.  Boasting Credi.com as one of Perth’s hottest ‘set to disrupt the financial services industry in Australia in 2017 and beyond’.

In case you’re not too sure what ‘fintech’ is an abbreviation for financial technology. A perfect example of financial technology is your everyday banking app. However, that’s just a small aspect of this ever-growing area of technology. Even though it’s a relatively new specialty of technology, the growth in platforms and apps, is constantly increasing.

Techflier’s article highlights Perth’s potential to become a leader in the Fintech world, with local organisations such as FinTech Perth paving the way by supporting local Fintech innovators.

Credit: Audrey Lim

Source: www.techflier.com/