What to do if your parents need financial help

Most parents in the U.S. provide some sort of financial support to their adult children, multiple surveys have found. But often, financial aid goes the other way.

A 2015 survey by TD Ameritrade found 13% of American adults provided financial support to a parent. Millennials were far more likely than older generations to report they were helping their folks. Of people born between 1981 and 1996, 19% helped support their parents, compared with 13% of Gen Xers (1965 to 1980) and 8% of baby boomers (1946 to 1964).

Sometimes the money is provided happily, or at least without resentment, by those following cultural norms or personal conviction that they owe it to their parents. Other times, financial aid to parents is a source of tension — between parent and adult child, among siblings and between partners.

In my latest for the Associated Press, how to balance your finances while helping your parents.

Monday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: Five things to know about filing taxes for 2014. Also in the news: What you need to know about the UPS hack, when you should accept financial help from your parents, and how to score some last minute Labor Day travel deals.

Filing Taxes for 2014: 5 Things to Know
Planning ahead for tax season.

The UPS Hack: What You Need to Know
Yet another data breach.

When Should You Accept Financial Help From Your Parents?
When do you need to swallow your pride?

Great last minute Labor Day travel deals
There’s still time to plan a getaway.

4 of the worst financial gifts you can give
Scratch these off the list.

Tuesday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: A security flaw in the iPhone could expose your information to hackers. Also in the news: How to transform your finances, reducing financial adviser fees, and what to do when your parents ask you for financial assistance.

Don’t Use Your iPhone Until You Read This
A security flaw is leaving personal and financial information vulnerable.

Transform Your Finances With One 3-Letter Word
No, it’s not “win” as in “win the lottery”.

Are excessive financial fees eating your returns?
Why it’s crucial to pay close attention to financial adviser fees.

6 Do’s and Don’ts for When Your Retired Parents Ask for Financial Help
The difficult questions to ask when roles are reversed.

Oklahoma requires students learn personal finance to graduate
High school students will have to have a working knowledge of personal finance.