Ever wonder how some households seem to have more disposable income than one might think? It turns out many are getting by with a little help from relatives and friends.
In the U.S., someone outside of the household such as a parent or child helps provide regular financial support to one in nine households for items such as mortgage payments or rent, education expenses, student loans, car payments, or other general expenses like vacations or groceries.
An even higher ratio of households, about one in seven, admit to making such payments. This indicates that parents are likely assisting more than one child.
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"Across the country, many families continue to experience financial distress and struggle to save for retirement and unexpected expenses," said Federal Reserve Board Governor Michelle W. Bowman, indicating that financial support from family or friends to make ends meet was common, particularly among young adults.
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