China Plans To Outlaw Borrowing From The Bank Of Mum And Dad

Umm... thank God we don't live in China. New Chinese law plans to outlaw borrowing from the bank of mum and dad.


by Alya Mooro |
Published on

What!? Did that thought just make your stomach lurch as much as it did ours?

In a time where statistics show 40% of first time house buyers had help from their parents, because, to be frank, in this climate, buying - or... well, anything - would have been impossible without, the Chinese are attempting to pass a law which will outlaw borrowing from the bank of mum and dad. Gulp. Lucky we don't live in China, then!

According to The Times, Shandong - one of China's largest provinces - has drawn up a controversial law that would "protect ageing parents from grasping, lazy 'boomerang' children and their demands for cash."

The law would enshrine a parent's right to turn down a request for economic support or access to keys to their properties from any offspring who had reached adulthood, regardless of whether they are employed or not.

If enacted as planned, the law could be copied around the country, which is said to be struggling with millions of " little emperors" who, thanks to the country's one child policy are apparently pretty darn spoilt.

But it doesn't seem to be just a matter of being spoilt, China's 'boomerang children' are said to also face difficulties due to an education system that is too rigidly focused on exams and a job market that doesn't offer enough opportunities to the millions of University graduates.

On that note... umm, mum, dad... have we told you how much we love you lately?

Follow Alya on Twitter @moorizZLA

Picture: Corbis

This article originally appeared on The Debrief.

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