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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.

 

 

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

 

 

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

 

 

 

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/