When relatives ask you for money

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

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
Updated
Jul 07, 2020, 01:54 PM
Published
Jul 05, 2020, 05:00 AM
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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. Subscribe

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