When some post-secondary run out of money in their own bank account, they turn to another bank: the Bank of Mom and Dad.
A new CIBC poll revealing that 51-percent of post-secondary students tapped their parents for more cash while they were at school because they ran out of money. This was the case for both students from wealthy financial backgrounds and not-so-well-off.
Managing director and head of wealth advisory services with CIBC Sarah Widmeyer says the students need to understand that mom and dad may not always be willing or able to dispense extra cash.
86-percent of parents, meantime, believe that they are good role models when it comes to financial planning.
