Family on Your Finances
Is having family on your finances sabotaging your financial wellbeing?
According to a recent study, Millennials and Baby Boomers expect to count on family support to achieve retirement goals. In fact, some are already utilizing parents for day-to-day financial support via a personal loan, living with them or receiving full-fledged support with bills, housing, etc. Unfortunately, family on your finances can impede you from saving more for retirement or paying down debt.
While it may come naturally to help, this can stop family members from achieving financial independence. Additionally, you may create a financial dependency that could potentially last a lifetime.
Check out the infographic below to see how your family may be affecting your finances.
You can also download the infographic here.