Is it hard to say no from someone you care about to help them out financially? There can be the guilt of saying no when a loved one asks for help, but new research might make you reconsider.
A new study says that generous people who helped their friends or family financially have felt taken advantage of. The poll and found that 46 per cent of people who helped someone financially had a negative outcome.
Bankrate polled 2,490 American adults in which 35 per cent of those respondents who lent money to their friends or family didn’t get that money back, damaged their credit score or put a strain on the relationship. Yikes.
“All too often, these situations end poorly,” one industry analyst says.
So, what can you do if you ever find yourself in this kind of sticky situation? Don’t say yes if you can’t afford to, the expert says.
But let’s face it—it can be really uncomfortable saying no, especially if a loved one is in need of help. Instead, try to offer up advice or resources to help them without damaging your relationship or risking your own financial security. And if you do decide to help, don’t expect to see that money again.
Here’s what our hosts had to say on the matter: