Are you a loyal customer of the bank of mum and dad? Or has it never been open for you?

I’m writing this from a place of privilege. I was fortunate enough to be financially supported by my parents for a very long time and it allowed me to build strong financial foundations for myself.

When I started university, my tuition fees were kindly paid for by my parents and I obviously took full advantage of the maintenance loan too. I had a Saturday job in the first couple of years that supplemented my early 20’s lifestyle so I could spend my income on things like clothes, hobbies and holidays.

When my partner and I were saving for a home I was living at home with my parents. In order to help me save up for my deposit I contributed a small amount to my parents for my ‘keep’ but they wanted me to focus on building my savings – again another helping hand so I could navigate the next step in my money journey.

I came across some stats this week that made me reflect on my journey compared to many others. Those of us with the financial support from the bank of mum and dad can expect to buy a house 6 years before those that don’t. 6 years! That’s an incredible amount of time to have to extend your home buying journey for, it just doesn’t feel fair.

Have a think about your personal money journey to date. Did you have the luxury of the bank of mum and dad or have you done it on your own?

Maybe your family don’t have the financial means to support you, maybe you don’t have ‘that’ kind of relationship with your family or you have no contact at all and you’ve had to support yourself emotionally and financially from a young age.

It really made me reflect on the mental drain that comes with this lack of financial support, because after all, your personal finances are 90% personal and 10% finance. It’s not actually about the money, it’s about the life stage you’re working towards and how difficult it is to get there.

So whilst Financielle can’t offer financial support to our growing community, we can absolutely provide emotional support, we can lend an ear in our community, assistance with your budget, education and some amazing tools to help get you there as seamlessly as possible.

To those navigating this money journey on their own, you’ve got this, you will get there and we’re so proud of you!

If you’d like to connect with like-minded people on your money journey, head to the Financielle community in the app today.

Holly

Financielle Co-Founder