TORONTO, ONTARIO -- (Marketwired) -- 05/14/13 -- Halifax resident Ando Hirschbach is giving his mom the best belated Mother's Day gift ever - the house to herself! Ando is the winner of over $4,000 cash and a $1,000 GIC to help him move out on his own. The giveaway from RateSupermarket.ca asked frustrated moms and their adult children the following: Why do you or your child deserve to cut the apron strings? Six finalists were chosen from over 100 initial entries, and battled online for votes. One has emerged victorious.
Ando's story resonated with other young Canadians. He took a 'gap year' during university to travel, intending to return and complete his degree, but rising tuition costs compelled him to cohabitate with his mom, Kate. As a result of the RateSupermarket.ca prize, Ando will no longer be among the 42% of Canadians in their twenties who still live in the home of one or both parents(i).
With increasing student debt, high rent, and a sluggish economy hanging over their heads, many recent graduates find it difficult to leave the nest. RateSupermarket.ca, Canada's independent rate comparison site, chose the month of May to bring attention to young Canadians' 'failure to launch.' The company determined the 'Real Cost of Moving Out' - $5,397.50 - by averaging the price of accommodations, cleaning supplies, futons, and other miscellaneous items to determine the price to move out of mom and dad's place; a full breakdown can be found in their infographic, featured at getoutofmyhouse.ca.
"It's tough out there for young adults trying to get their start, so we're happy that we were able to help one of them get a leg up," says Kelvin Mangaroo, President of RateSupermarket.ca. "While we had a little fun with this issue, we emphasized the importance of financial literacy for young people and how they can better prepare for the financial responsibilities of adulthood."
To help share this message, RateSupermarket.ca launched the "I Love You, Now Get out of My House!" giveaway (getoutofmyhouse.ca) in April. The competition received over 150 entries from parents and grown children alike. The six finalists' submissions can be viewed at www.getoutofmyhouse.ca.
(i)Human Resources and Skills Development Canada: "Family Life - Young Adults Living with their Parent(s)".
About RateSupermarket.ca (www.RateSupermarket.ca)
Over 3 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.
Pointman! Public Relations
Pointman! Public Relations
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