When is it time to close the ‘Bank of Mom and Dad’? Wealth managers advise the best ways to support your adult kids amid looming recession

Eleanor Pringle | Yahoo Finance | Jan 16th, 2023
Category: Education

Parents to adult kids across the U.S. are considering coming out of retirement or refinancing their homes in order to prop up their kids' bank accounts - and the cash requests are only going to keep coming.

But when is it time to close the Bank of Mom and Dad in order to protect your own financial security, especially in the face of a global recession?

Economists are divided over whether or not the U.S. will plunge into a period of major economic downturn. The more optimistic among the group cite the slowdown in U.S. wage growth which had accelerated inflation, and on Thursday the Bureau of Labour and Statistics announced that U.S. Inflation has fallen to its lowest level in more than a year.

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