When family asks for money help, your decision can be muddied by guilt, obligation, cultural expectations and a desire to make sure loved ones are taken care of. But how do you handle financial requests if your own budget is stretched thin?
New research from the Federal Reserve Bank of Richmond finds that there are real imbalances in family financial support. About twice as many people give money to relatives as receive it (42% vs. 21%). And among lower-income givers — those with household income of less than $30,000 — the median amount transferred was $800, or about a third of gross monthly income for a $30,000 earner. The average was much higher, an eye-watering $75,300, likely skewed by a few large transfers.
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