Bank of Mum and Dad: The new norm for borrowing money

clock • 4 min read

The bank of Mum and Dad is a Western term that came to prominence around the 2008 financial crisis and has been growing wider adoption across the globe ever since. Sponsored by RL360 It is a phrase used to describe the financial support parents or guardians give their children. This support can take many forms, including help with tuition fees, living expenses, or even a down payment on a house.  For many families, the bank of Mum and Dad is a way to give their kids a leg up. Studies have shown that children who receive financial assistance from their parents are more likely to go to ...

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