1 in 4 Coloradans Have Borrowed Money From Mom & Dad During Pandemic
This has been a hard time for everyone, with unemployment rates high and bank account statements very, very low. While some in Colorado have reached out to the actual bank for loans, there are many who recognize that the bank of mom and dad has no interest rate...and depending on who your folks are, not as much pressure to pay it back.
According to USA Will Guru, after polling 21 to 39-year-olds in the state, 25% of young Coloradans revealed that they have reached out to their parents for a loan since the start of the pandemic in 2020.
78% say there is no interest on the loans (with 5% saying repayment terms had not even been discussed). And for those who have moved back in with parents, and equally high figure (72%) say they are living rent-free.
1 in 5 parents says they aren't confident their kids will pay them back, which is...not surprising.
Have you given financial help to your kids? Let us know in the comments.