A recent Bankrate survey found that many Americans are uncomfortable discussing money with family and friends, with only 38% feeling comfortable talking about their bank account balances. Despite this discomfort, financial discussions still arise during holiday gatherings, with 19% of respondents admitting to giving financial assistance to loved ones at such events. However, lending money to family or friends can often result in financial and relationship issues, as 42% of those who have lent money have lost it.
Experts recommend setting boundaries and considering alternative forms of assistance, such as offering career advice or referrals. If deciding to lend money, it’s advisable to treat it as a gift or draw up an informal contract to clarify expectations. Ultimately, saying no to financial requests is also acceptable, especially if it could strain relationships or financial stability.
As the holiday season approaches, individuals are encouraged to carefully evaluate their own financial situations before agreeing to lend money, and to consider alternative ways to help loved ones in need.
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