Should parents borrow money from their adult children?

1. 69

   Shelly McRaeposted 12 years ago

   Should parents borrow money from their adult children?

   replyreport
2. 81

   Moon Daisyposted 12 years ago

   I would say that parents shouldn't borrow money from their children, but sometimes circumstances can't be helped, and it happens.

   replyreport
3. 62

   arunabha0368posted 12 years ago

   Hi Mam,
   
   In India, it is a general tradition for children to live with their parents in their old age and to help them in their trying times, it might be financially or otherwise. So the question of borrowing money by parents doesn't arise. Its the duty of the children to help them monetarily now when they are grown up.
   
   However, there might be some exceptions (not-so caring children).
   
   Thanks
   Arunabha

   replyreport
4. 73

   algarveviewposted 12 years ago

   I don't think that they should. At the same time adult children should not borrow money from parents. Unfortunatelly, sometimes life does not go as expected and bad things can happen. In those exceptional situations I think that it's okay for either to ask for help. The problem is that sometimes it's not an exceptional situation, sometimes some parents think that the children's money is also their money and that the children have an obligation to help (the opposite also happens). This is a very big problem and it's hard to say no to parents. This creates a lot of problems and the relationship is bound to get damaged on account of it. So, my opinion is, if things get rough, exceptionally, yes, it's okay. Make a living out of it (amazingly this happens), no, it's not okay, it's very bad and it's a poor example of parenting.

   replyreport
5. 60

   thejeffriestubeposted 12 years ago

   No, I don't think they should. My feeling is that most parents do EVERYTHING they can to help their children succeed, therefore, if an adult child has the means to help their parents a bit later in life, they should just help. I'm not talking loans, I'm talking about GIVING. I'm also not talking about fully supporting them, unless there's some sort of medical/extenuating circumstance. For example, if my mother said she had to pay an unexpected bill, but was going to be short on either food or heat, I'd give her what she needed to get by, with no precepts about repaying me. Believe it or not, most parents won't even accept it. I've had parents-in-law rip up checks and refuse to cash them.

   replyreport
6. 86

   LauraGTposted 12 years ago

   Unfortunately, I think more and more people are faced with this problem of older parents being unable to support themselves.  At least in the US, our culture is not set up for adult children to support their parents. It creates a lot of friction and stress, especially when the adult children are also struggling to pay for their own children's needs.  I don't really think there is a right or wrong, but I do think the adult children should do what they can to help their aging parents, without sacrificing their own or their children's futures.

   replyreport
7. 59

   nightwork4posted 12 years ago

   why not. i lent my wife's mom $37,000.00 to buy a house 3 years ago. it saved her a bundle on interst and it made it easier for her to live. it's only money and the day it becomes any more then that to me, i'll get rid of everything i have and become a hobbo.

   replyreport
8. 80

   blessedpposted 12 years ago

   Yes! I don't see why not.  My parents do that sometimes and I have no problem with that.  Most of the times I just allow them to keep the money.  If they are in need I will certainly help, as long as I can help, they are my parents.  There are times when I am faced with financial constraint and can't see my way through and who to turn to but my parents.  So, what? One hand wash the other.  Well that is my take on the matter.

   replyreport