Financial fallout from the pandemic is hitting millennials hard — and many will soon turn to their parents for help, if they haven’t already.
Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn’t just plug a short-term need but also makes sense in the long run.
“Often the heartstrings will get pulled — ‘I really have to help them!’— but it can be detrimental to the parent,” says certified financial planner Jeffrey L. Corliss of Westport, Connecticut.
In my latest for the Associated Press, why parents must be cautious when rescuing their children financially.