| October 8, 2009

Some parents will to help kids with debt problems

Though they may be dealing with their own debt problems, a recent poll shows that some parents are still willing to help out their children who are having problems with their personal finances.

According to a survey conducted by GfK Roper Public Affairs & Media for CreditCards.com, 21 percent of responding fathers said they would give their children more than $20,000 in order to help pay off credit card debt or other bills. Fathers who said so also said they would lend the money without expecting to have it paid back.

Mothers, on the other hand, were less likely to tap into personal finances in order to help their children out. Of responding moms, only 12 percent said they would give their children $20,000 to help them get out of debt.

“The survey found that fathers tend to be a considerably softer touch than mothers when it comes to bailing kids out of big financial trouble,” a report from CreditCards.com noted.

However, some parents may want to refrain from giving their kids money. Recently, financial expert Liz Pulliam Weston noted that parents who are having trouble making their own ends meet should pull back on giving their children money, despite the fact it may be difficult to do.

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