Many people still borrowing from their parents

People still borrowing from parents

RICHMOND, Va. (WWBT) - Mom and dad win the day again! Lexington Law surveyed a thousand Americans and found that nearly 3 in 5 are most comfortable borrowing money from parents.

The survey also says that millennials are least likely to borrow money from siblings. Men are more likely to borrow from friends than women.

Before you open your wallet to that family member in need, stop and think. Don’t make impulse decisions. If it’s really going to impact your finance in a negative way you really want to reconsider. It’s OK to say no and try to find other ways to help instead of an immediate bailout.

For instance, instead of giving them money, offer to help them make a budget to better manage their finances.

If you feel like you must lend them money, be smart about it. That could be as simple as putting the transaction in writing so it’s not forgotten.

Copyright 2019 WWBT. All rights reserved.