Bank of Mum and Dad forking out serious doshBY ALLY SELBY | TUESDAY, 14 JAN 2020 12:34PMMore young Aussies are turning to their parents, the appropriately dubbed 'Bank of Mum and Dad', to help secure equity for a first home deposit, and financial advisers are split on the growing trend. Related News |
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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
Interesting article with varying views.
Hugh you mention that buying your house and paying down the mortgage is one of life's great achievements - to be debt free and have the satisfaction of doing it.
So if parents pay off the home loans for children where do the children get their feelings of achievement and inner satisfaction from ? What have they achieved if someone else paid off their home for them ?
Further you say if parents see their children working long hours and struggling to purchase a property then if you can assist you would understand why the parents would be inclined to do so.
What is wrong with the anyone working hard to achieve their goals ?
By all means parents should be there to assist as required however if you are still giving your 45 year old pocket money (or more) when will they ever achieve independence and be self sufficient?
I know surplus appears to be a dirty word in some political circles however surely from the time they are born parents should be teaching their children the value of money and living within your means as that is the only way that anyone can achieve prosperity. If you spend more than you earn you can never be comfortable that your lifestyle is sustainable.
The Millionaire Next Door by Stanley and Danko is a great book and covers a range of issues raised in this article. I recommend it as a good read for all financial planners or others that are giving advice to people about how they can assist their children. If you want to assist your children then you want to make sure whatever you do is achieving that objective.