When relatives ask you for money

People who loan money to others tend to be over-optimistic when it comes to whether they will get their money back, says Ms Mariel Beasley (above), co-founder of the Common Cents Lab, a financial behaviour research lab.
People who loan money to others tend to be over-optimistic when it comes to whether they will get their money back, says Ms Mariel Beasley (above), co-founder of the Common Cents Lab, a financial behaviour research lab.PHOTO: NYTIMES

An extra layer of complexity is added when it comes to loans for jobless family members

As a financial adviser, Ms Elyse Foster helps clients manage their money. But the coronavirus has brought an extra layer of complexity especially where family is concerned.

One client lent a jobless sibling US$10,000 (S$14,000).

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A version of this article appeared in the print edition of The Sunday Times on July 05, 2020, with the headline 'When relatives ask you for money'. Print Edition | Subscribe