Los Angeles Bankruptcy Blog

A notable survey from the AARP finds that one in ten middle-aged households gets support money from their older parents.

In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they’d helped their children pay bills. Eight percent said they’d helped a parent pay bills or expenses. The survey’s margin of sampling error was plus or minus 3 percentage points.

This is consistent with what I see every day. A downturn or job loss has people getting help from their parents or siblings.