I got lucky. Although my Mum & Dad had very little financially, they were always there for me. They had a dignity which helped us all cope somehow, through the toughest of times. Jack, my Dad was what would today be called “a self-starting entrepreneur”. I prefer “Wheeler-dealer”. (And, as a car mechanic, he’d have agreed.) My Mum. Ada was a “Home-maker”. (And as the Mother of 8 children, with no money to go around, that was quite a Home.)
Jack and Ada are no longer with us, but their indomitable spirit and dignity in the face of financial adversity most certainly is. And that is why the Jack And Ada Beattie Foundation feels that the time is right to introduce our very own, very special, loan scheme for those most in need of it: BANK OF MUM AND DAD.
“Interest-free, charges-free, bank-free loans for people who need them most. 12 months to pay back. And the sooner the loan is paid back, the sooner it can be passed on to someone else in need of dignified financial help.”
Much has been made in the media of late, of the mythical ‘bank of mum and dad’. It’s become a phrase which sums up the parlous state of reliance of so many members of our society. A lost generation with the dubious prospect of being the first ever to grow up poorer than their parents. And who remain financially reliant on their parents.
The movie “I, Daniel Blake” highlighted another area of social trauma: those trapped by a heartless welfare system. Caught between benefits and employment and falling through a hole in the net.
Payday loans have become the curse of the working class. The APR on a payday loan can reach over 4,000% a year. They charge too much and care too little.
Into this landscape comes The Jack And Ada Beattie Foundation’s Bank of Mum And Dad. Interest-free, charges-free, bank-free loans for people who need them most. 12 months to pay back. And the sooner the loan is paid back, the sooner it can be passed on to someone else in need of dignified financial help.