Make us your home page
Instagram

Survey: 62% have become 'family bank' for relatives

LOS ANGELES — More than six in 10 older Americans have become the "family bank," giving financial support to relatives even if it means delaying their own retirements, according to a new survey.

Among people age 50 and older, 62 percent gave monetary assistance to a family member in the last five years, either one-time help or ongoing support, according to the study by Merrill Lynch Global Wealth Management and research firm Age Wave.

The average amount of assistance is $14,900.

The report, titled "Are You the Family Bank? Can You Afford to Be?" underscores the myriad financial pressures facing the 50-plus crowd. Rather than stowing away money for their own rapidly approaching and often underfunded retirements, many people are writing checks to adult children or aging parents.

"The role of the family bank is often assigned to those who saved and invested responsibly," the study says. "In fact, the more financially responsible you are, the more likely other family members will consider you to be the family bank."

The study shows Americans' generosity toward their families.

Among parents with adult children, 68 percent have given them assistance, according to the survey.

Six in 10 pre-retirees said they would push back retirement to help out family. Four in 10 said they would return to work after retirement, while nearly that many said they'd accept a less comfortable retirement.

The study, however, also underscores the friction in some families, as those who have been frugal resent the entreaties by their sometimes-profligate relatives.

Said one unnamed poll respondent: "I paid down my mortgage and didn't run up my credit cards, unlike my sisters. Now everyone in my family is turning to me for money."

Said another: "I thought I would be supplementing my grandchildren's college funds. It turns out I was the college fund."

Some people have stopped giving financial help. Among those who closed their checkbook, 57 percent said they felt the money was not being used wisely. More than one-third cited the dent in their own lifestyle.

Survey: 62% have become 'family bank' for relatives 11/18/13 [Last modified: Monday, November 18, 2013 9:07pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Tribune News Service.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Proino Breakfast Club owner charged with not paying state taxes

    Crime

    LARGO — Just before noon on a recent Sunday at Proino Breakfast Club, the dining room was bustling as owner George Soulellis chatted with a customer.

    Proino Breakfast Club at 201 West Bay Drive in Largo. The owner was arrested last month on a theft of state funds charge, according to court records. JIM DAMASKE   |   Times
  2. Former Sen. Greg Evers, advocate for law enforcement, dead at 62.

    State Roundup

    TALLAHASSEE — Former State Sen. Greg Evers, the Baker Florida strawberry farmer and veteran politician, was killed in a single car crash hear his home in Okaloosa County. The Florida Highway Patrol confirmed the death late Tuesday, but deferred any further information pending an investigation. He was 62.

    Former Florida Senator Greg Evers, R- Milton, was a passionate advocate for law enforcement and corrections officers. He was found dead Tuesday afternoon in a car crash. He was 62. [SCOTT KEELER | Tampa Bay Times]
  3. Foundation Partners buys Anderson-McQueen Funeral Home

    Business

    ST. PETERSBURG — Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.

    Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.
[CHRIS URSO   |   Times]
  4. Water Street Tampa unveils video showing downtown's transformation

    Business

    TAMPA — Water Street Tampa, the sweeping, 50-plus acre redevelopment project in Tampa's urban core, has unveiled new images and video of what the downtown district will look like upon completion.

    Strategic Property Partners released a conceptual image of what the Tampa skyline will look like once its redevelopment of 50-plus acres of downtown will look like. [Photo courtesy of  of SPP]
  5. Florida ranks high for workplace equality between men and women

    Working Life

    When it comes to the workplace, Florida ranks fifth in terms of gender equality, a WalletHub study released Tuesday found.

    Florida ranks high in terms of equality between men and women in the workplace. Pictured is Sandra Murman, county commissioner in 2015, talking about the differences in pay between men and women. | [Times file photo]