Borrowing or lending money to family or friends? Use this worksheet
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During difficult times, like the global pandemic we’re currently living through, people often rely on friends and family to provide financial support. Our research shows that as many as one in five U.S. adults receive financial support from friends or family, and up to one in three U.S. adults provide support to others. While these networks can provide timely relief, they can also lead to strained relationships, unclear expectations and assumptions, and unnecessary financial hardship for those trying to help, and for those who turn to family for support.
If you are planning to ask friends or family for money, or if you have friends or family asking you for gifts or a loan, it’s important to have a frank conversation and come up with an arrangement that works for everyone involved.