Older people have been hit from both sides by the Covid-19 pandemic and the recession:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥚" title="Ei" aria-label="Emoji: Ei">Nest eggs are wobbling
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack">Retirees could run out of savings
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚑" title="Rettungswagen" aria-label="Emoji: Rettungswagen">Workers face heightened health risks
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">Ages 55+ have very high unemployment https://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

As your parents get older and you get more established, they may turn to you for financial support.

While you may feel a moral obligation to help your parents, you first need to run through a basic checklist http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

Step 1: Know your own financial situation.

For that, you need a personal budget. Any decision about your generosity hinges on whether you actually have the money http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

Giving money to your parents only makes sense if it affects your current lifestyle.

It’s not a good idea if it would reduce your future lifestyle. Reducing your retirement contributions will cost you much more than getting takeout less frequently http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

Borrowing isn’t a good answer.

If you borrow to pay your parents, you’ll put yourself at a financial disadvantage. It will reduce your credit score and give you less cushion for your own future money needs http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

Going into debt or dipping into your own emergency fund carry similar risks.

The rule of thumb is to have six months of living expenses. With today’s low interest rates, it would be cleaner for your parents to borrow the money themselves http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

Step 2: Consider the reason your parents need financial help right now.

One-off situations like essential car repairs or temporary assistance after a sudden job loss are fine. If your parents’ financial need is chronic, it’s a different story http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

If your parents have a…

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🎲" title="Würfelspiel" aria-label="Emoji: Würfelspiel">Gambling addiction (up to 10% of elderly)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛍️" title="Einkaufstaschen" aria-label="Emoji: Einkaufstaschen">Compulsive shopping habit (up to 5% of adults)

Then giving them money is a form of codependency and will hurt them. They need professional counseling http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

If, based on the above criteria, you decide that giving money to your parents isn& #39;t an option, you can still help them in other ways. You can...

https://abs.twimg.com/emoji/v2/... draggable="false" alt="⏰" title="Wecker" aria-label="Emoji: Wecker">Give your time
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥫" title="Dosen-Fraß" aria-label="Emoji: Dosen-Fraß">Drop off food
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💊" title="Tablette" aria-label="Emoji: Tablette">Pick up medicine
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🛠️" title="Hammer und Schraubenschlüssel" aria-label="Emoji: Hammer und Schraubenschlüssel">Do some repair work
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln">Help them find other income
http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...

So the answer to whether you should give your parents money truly depends on whether you have a budget and know what you can afford.

If you don’t budget yourself, then you can’t help your parents financially http://trib.al/mMlQ5PJ ">https://trib.al/mMlQ5PJ&q...