The Better Mortgage Company Navigates BoMaD Brits Towards Remortgage Saving Considerations

WESTON SUPER MARE, U.K. - April 12, 2023 - PRLog -- The acronym "BoMaD" means the "Bank of Mum and Dad" and is a term used to refer to parents who provide financial assistance to their adult children. Often we meet BOMADS who wish to provide a downpayment for purchasing a home, paying for further education or starting a business.

BOMAD Britain - The Bank of Mum and Dad are Bossing It

In Britain, the term BOMADS is often used to describe the trend of parents providing financial support to their adult children who are struggling to achieve financial independence in the face of rising costs of living, stagnant wages, and increased student loan debt.

The Bank of Mum and Dad has become a significant source of funding for young people, with many parents providing support at the expense of their own retirement savings or financial well-being. The trend has led to concerns about intergenerational inequality and financial strain on parents who are increasingly being called upon to help their children achieve financial stability.

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