A recently released survey from the Society of Actuaries revealed that most Americans feel it’s their duty to provide financial support to family members in need.
In fact, about two in five Americans have provided such support to a family member during the past year, according to the survey, titled Family Obligations Across Generations (PDF).
It’s only natural to want to help loved ones. Some financial advisors note that with the ever-increasing cost of education, skyrocketing student loan debt, increased longevity, and the constantly rising cost of housing in many urban centers, obtaining monetary assistance from extended family in order to survive has become increasingly critical.
What’s more, most Americans think that assistance should work both ways – with parents providing financial support to adult children, and children jumping in to help their aging parents…