Liz Weston: When parents are the emergency fund
June 14, 2020
Financial fallout from the pandemic is hitting millennials hard — and many will soon turn to their parents for help, if they haven't already.
Before parent’s ride to the rescue, financial planners urge them to map out a strategy that doesn't just plug a short-term need but also makes sense in the long run.
"Often the heartstrings will get pulled — 'I really have to help them!'— but it can be detrimental to the parent," says certified financial planner Jeffrey L. Corliss of Westport, Connecticut.
(Of course, financial aid can flow the other way, as many millennials help support thei...