Survey Reveals That an Increasing Number of Oregon Parents Seek Loans From Their Children

For decades, parents have been the go-to lenders for cash-strapped children. However, that trend is reversing, according to new research involving 5,014 Oregonians.

The survey, by MarketBeat, reveals that 43% of adult children in the state have loaned an average of $900 to their parents.

Most Loans Are Made to Help Parents Cope With Everyday Expenses

However, only 12% of the loans were for luxury items and vacations. The majority of the loans (48%) were made to help parents with day-to-day living expenses, and 34% were for emergencies.

While the majority of those interviewed (78%) said they were proud to be able to help their parents, 8% felt that it damaged their relationship, 6% said they felt resentment, and a further 8% vowed it would never happen again.

More Parents Are Charging Their Children Interest on Loans

At the other end of the scale, an increasing number of parents (5.1%) are charging interest on loans to their children.

Twenty-nine per cent of parents restrict loans to their children to $100 at a time, while 15% are comfortable lending $5,000+.

Twenty-one per cent 21% expect loans to be repaid between one and six months, while 15% are willing to wait up to a year.