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The Bank of Mom and Dad, now BOMAD, is a term I recall first hearing after the 2008-09 recession, when the storyline of parents financially supporting young adults took off. It’s almost laughable now to think of the kind of help being offered then – payment of cellphone bills, car insurance and sundry other expenses.

Today, BOMAD’s biggest line of business is real estate. With housing prices soaring in recent years, parents have become instrumental in helping young adults build the down payment they need to buy a house.

A recent study from CIBC Economics found that parents had provided more than $10-billion in down payment money in the past year, and that close to three in 10 young buyers received this help. The average amount given by parents was $82,000, which is roughly a century’s worth of cellphone bills.

In an upcoming episode of our Stress Test personal finance podcast for Gen Z and millennials, we want to give parents a chance to talk about this trend. We’re looking for stories from parents about why they chose – or didn’t – to help their kids with a home down payment, and what the effect on their own finances has been. Did their kids expect the help, or ask for it? Are parents feeling peer pressure to help their kids buy a house?

It’s past time for the parents to have a voice about what’s happening in housing right now. If you’re willing to talk, send an e-mail to my Stress Test co-host, Globe personal finance editor Roma Luciw, at

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Rob’s personal finance reading list

The 67.5 per cent rent increase

Home buyers are flowing into New Brunswick to capitalize on affordable housing. What’s the impact on the local real estate market? Check out this story about a couple of seniors who fear they will have to move out of their rental because the rent is going up $675 per month. Now for a story from Bancroft, Ont., a small town about 250 km northeast of Toronto, where prices have surged almost 50 per cent on a year-over-year basis. Here’s a new idea for cooling the housing market: an annual surtax on houses valued at more than $1-million.

The credit card they call ‘the destroyer’

RewardsCanada posts its top credit card picks for travel rewards and cashback. The winner in both is American Express Cobalt, which they call “the destroyer” because it’s so competitive. TD Aeroplan Visa Infinite also scores well on travel rewards, while CIBC Dividend Visa Infinite is strong on cashback. Amex Cobalt also takes top spot in a card ranking by CreditCardGenius.

Inflation and the 60/40 portfolio

Investment industry people on the changes they’re making to the traditional 60/40 mix of stocks and bonds as a result of rising inflation. Basically, this means adding money to stocks at the expense of bonds. Now for some tips on managing your finances as inflation moves higher.

Four ways to increase your savings for 2022

A reminder that as your income increases through the years, the amount you save should rise as well. Helpful suggestions here on how to find the money for a savings hike.

Tell Rob

I liked this comment from a reader in Ontario about buying versus renting: “I think, as I am going into retirement, that renting is a good option for us. I have owned a home for the last 40 years. But with our next move, I am going the rent route because I think it is foolish to own another house in older age. What good is it if you can say your house is worth $1-million if all you have to live off is CPP and OAS? We are doing fine, but I think it is a waste to have this capital locked up in bricks and mortar. It may look good on paper but you may as well enjoy it while you can.”

Do you have a question – or comment – for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.

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