subject: Is A Fast Loan From The Bank Of Mum & Dad Available [print this page] Current research indicates that today's younger generation don't wish to join the fast loan culture that has had a negative long term impact on the older generation...
But, young people need money and basically, until they finish their education, haven't the means to raise loans themselves so can't get into debt. Well actually, that isn't true...
Not many are able to fund their own educations without financial assistance and all those entering further education don't really have a choice about entering their working lives without being in debt. College and uni is very expensive - basic needs plus a social life costs a fortune!
It may be the case that students don't want to have heavy debts but they don't have the luxury of choice and debts can't be avoided if they want that degree that will increase their future earning power.
What's the alternative? What fast loan can help their cause?
There certainly is! The Bank of Mum and Dad is open for business...
Research shows over 75% of parents want to support their children during their university years to avoid them starting their working life with heavy debt commitments. Parents on average are willing to contribute approximately 9,000. To help their student children some parents frequently use their savings to help while others look to loans to foot the bill. It's important that they research the best rates available online.
It seems that the young people are at odds with this parental generosity with less than half of them expecting any contribution towards their studies. Those who considered their parents' support to be appropriate had far lower expectations - in the area of 4,000 - less than half the amount that their parents would be willing to contribute.
Showing a very mature attitude toward financial management 80% of students work throughout the term and 90% throughout their holiday times in order to prevent accruing avoidable debt.
If loans are needed it's important for young people to take an easy and fast loan solution that gives the best access to the money they need. Students should investigate loans designed to meet their needs where repayments can be delayed and that have lower levels of interest.
Students needing financial advice can find it at their university, their bank or from the internet. Of course, they can also get help from the Bank of Mum and Dad!!
by: Jo Marsden
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