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As property prices are increasing and squeezing young people out of the market, more are going to the Bank of Mum and Dad.

However, Weekdays Finance Guru Elson Goh (EG Financial) questions, is this exercise good for young people? Are we reinforcing their reliance? Should we build up their resilience instead?

Digital Finance Analytics study shows 60% of first home owners had help from Parents; average help of $90K.

Elson says, “It is in our nature as parents to want to help our kids. It brings us tremendous joy to see them get ahead in life. However, as we provide that assistance, we should think how we balance that with lessons on resilience. Just as our kids need our help, they also need our wisdom.”

Listen to the whole conversation on Bank Mum and Dad with Elson Goh below

 

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