A child who approaches a parent for money starts a conversation that, in all likelihood, neither party wants to have.
Yet, surveys and studies tell us that many, if not most, adult children get financial help from their parents. A new Pew report finds that three-fifths of parents offered their grown-up kids financial help in the past year.
Asking your parents for money can become a defining moment in the parent-child relationship, for better or worse.
In the best case, it’s a moment for your parents to do what parents do best, showing you their love, making your life a little bit better. In the worst case, the conversation can deteriorate into shouting and pointing, sewing rifts that may never heal.
Here, from the experts, are some questions to ask before the conversation happens: Four for the child, and two for the parents.
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How will my parents feel about being hit up?
Money is a taboo topic in many American families. If you grew up in one that had open and honest talks about finance, then approaching them now for help may be easy.
If not, experts say, approach the conversation with care and tact.
“It may feel daunting to bring up money,” said Spenser Liszt, a certified financial planner in Dallas. “If this is the first time you’ve ever talked about money with your parents, and you’re asking for it, it could be a little bit much.”
Can my parents afford to give me the money?
Adult children may have a hard time imagining their…
