Monday, March 7, 2016

Family Obligations

Have you ever been asked by a family member or friend for a loan? It's fairly common: About a quarter of U.S. households gave or lent a median of $1,000 to friends or family in the past year, according to a new study from the Pew Charitable Trust.

Not surprisingly, the poorest households were likeliest to find giving a burden, at 70 percent. But almost half of those making $85,000 or more also described their generosity as a burden on the household.

The way those wealthier families spread their money around takes on a fairly traditional path.  One in 10 adult children received help with a home purchase, Pew found, and 31 percent got financial help with their education.

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