CNN Seeks Stories on Family Support Shaping 2 Key Wealth Milestones
Updated
Updated · CNN · Jun 19
CNN Seeks Stories on Family Support Shaping 2 Key Wealth Milestones
1 articles · Updated · CNN · Jun 19
Summary
CNN Business is asking readers to share how money or assets from relatives affected their ability to buy a home, pay for education, start a business, survive a job loss or build wealth.
The call reflects rising concern that hard work and career advancement alone are no longer enough as living costs climb and more Americans lean on family help to reach major financial milestones.
Nearly two-thirds of parents with children ages 18-28 rely on financial support from their own parents, according to a Wells Fargo study published earlier this year.
About a quarter of first-time homebuyers said gifts or loans from family or friends were the main reason they could afford a down payment, a National Association of Realtors study found last year.
CNN also wants to hear from people who say they fell behind because they lacked similar family wealth, widening the focus from assistance itself to inequality in who can access it.