The old saying is "Brother, can you spare a dime? Now it's "Father, can you spare a dollar ... actually, lots of them?"
A recent study from Ameriprise Financial, a financial planning firm in Minnesota, finds that dads are more likely to respond to a loan request from a grown child by going straight for his wallet. Moms, on the other hand, want to have a conversation about money and won't fork over any dough until said discussion happens.
And that's not all. From the study, dads are more likely to:
If it sounds like we're dogging daddies here, we're not. No matter which parent makes the loan, it is toxic to mix money and relationships. Even with a talk beforehand, it can still be dangerous. It's like warning a 5-year-old child about the dangers of running into the street and then sending them across the road to get that ball they lost.
If the money changing hands from parent to adult child is in the form of a loan, it changes the relationship. Many people say that won't happen to them, but there's no getting around the awkwardness of "Son, when are you going to pay back that money?" and "Dad or Mom, I'll get to it."
If the money is a gift, that's a little better, but not necessarily good. If a grown child runs short of money and then goes to their parents for help rather than getting an extra job or selling something to take care of it themselves, they run the risk of making it a habit. Pretty soon they are just expecting handouts, which can lead to bitterness on the parents' end.
It's best to stay away from asking Mom or Dad for money. And while you're at it, make sure to stay away from a lifestyle that tempts you to ask in the first place.Source: MSN Money
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