The Bank of Mom & Dad Father and Mother can you spare a grand?” Brother can you spare a dime? is considered the anthem of the Great Depression.
Father and Mother can you spare a grand is going on right now.
Nearly one in five Mainers since the beginning of the pandemic nearly a year ago have received Bank of Mom and Dad funding. Sure, they are expected to pay the loan back when things get straightened out, but most of the money is interest free.
What are the kids buying with that money? Well unlike the stimulus check money which lots of 20 somethings spent on bigger flat screen TVs, this money they’re borrowing is for essentials, like rent and a car, and groceries and childcare.